São Paulo – Arabtec Holding PJSC, a United Arab Emirates-based construction company specializing in large projects, and Samsung Engineering Co. Ltd., South Korea’s leading engineering company, have announced a new company this Tuesday (24th): Arabtec-Samsung Engineering, which will operate in oil and gas, energy and infrastructure in the Middle East and North Africa.
The agreement was signed at a ceremony in Seoul, attended by high-level executives from both companies. Arabtec-Samsung Engineering will supply engineering, acquisition and construction services in large-scale, billion-dollar projects. The new company’s ownership structure will be as follows: Arabtec will own a 40% stake, Samsung Engineering will own 40%, and the remaining 20% will be owned by Tasameem Property Investment, the real estate arm of the Abu Dhabi Investment Authority.
The new company will provide complete services in hydrocarbons (processing, refining, petrochemicals and fertilizers) and industrial and infrastructure projects (power plants, water treatment, environment and metals).
*Translated by Gabriel Pomerancblum
