Saudi's KBW, UAE's Basma create construction firms
Klampf Middle East and Arcadia Middle East have officially been created after two agreements were inked by KBW and Basma Group officials in Sharjah, UAE
Saudi Arabia's KBW Investments has inked two agreements with Basma Group Sharjah to jointly form two regional construction outfits.
Klampfer Middle East and Arcadia Middle East have been created through these deals.
HRH Prince Khaled bin Alwaleed bin Talal, chairman of KBW Investments, and Sheikh Sultan bin Ahmed Al Qasimi, chairman of Basma Group Sharjah, signed these agreements in the latter's Sharjah, UAE offices.
In 2015, KBW partnered with Klampfer to create and launch the Klampfer Holding brand.
The newly-formed UAE-based and MENA-focused subsidiary, Klampfer Middle East, has been established under chairman Sheikh Sultan bin Ahmed, and vice chairman Prince Khaled bin Alwaleed.
Majlis Grand Mercure Sharjah Resort and Spa, a 12,000sqm and $100m five-star facility, is the first of Klampfer's projects in the UAE.
The second agreement between KBW and Basma Group resulted in the creation of Arcadia Middle East, which is also structured under Sheikh Sultan as chairman and Prince Khaled as vice chairman.
Romania's Arcadia Engineering was acquired by KBW in 2014.
Arcadia Engineering currently operates in Saudi Arabia, Qatar, and Australia.
Through the newly-formed subsidiary, an aggressive expansion of Arcadia's services is expected in the UAE.