Dubai's Masharie powers up new MEP company

CW Staff , August 23rd, 2010

Masharie, the private equity investment arm of Dubai Investments PJSC, has announced the formation of a new joint venture MEP company with Al Arif Investment.

Power Factor Electromechanical Works will offer turnkey MEP solutions and office automation systems for the construction industry.

The joint venture agreement was signed recently by Abdulaziz Bin Yagub Al Serkal, CEO of Masharie and Hamad Abdul Karim Al Arif, chairman of Al Arif Investment.

“Power Factor is a strategic addition to our portfolio, as Masharie already has several companies operating in the field of building materials and construction supplies and services. It will further diversify the group’s presence within the construction sector, and also benefit from synergies within the group,” said Al Serkal.

The management and workforce, both with long experience in executing contracting projects, were sourced from within the group. Power Factor offers the entire spectrum of MEP works, and also specialises in the design, installation and commissioning of office automation systems.

Based in Dubai, the company focuses on developing advanced technology solutions suitable for a broad spectrum of markets, including transportation, banking, telecoms, defence, universities, hospitals and retail.

The company will offer services in other related areas including sanitary, air-con, ventilation, firefighting and safety equipment and systems. It has already commenced with commercial operations.

The move takes Masharie’s total number of portfolio investments to 16. “Masharie is constantly looking to expand its portfolio by adding high-potential businesses in strategically important sectors,” said Al Serkal.

“Masharie is committed to help Power Factor establish a strong reputation in the MEP market by offering strategic support and complementary skill sets that will allow the company to deliver outstanding business performance.”

“With the formation of this new joint venture company, we further strengthen our ongoing partnership with Masharie. Not only will this strategic alliance provide Power Factor with a strong financial base, it will allow the company to build new competencies by synergising with other Masharie companies operating in the construction line,” said Al Arif.