Alumco LLC, the UAE's leading specialized aluminum façade manufacturer and major glass façade processor, has announced on Saturday that Gulf Investment Corporation (GIC) and Global Investment House (Global) of Kuwait will be taking up 24.46 percent and 8.49 percent equity stakes, repectively, in the company. Samer Barakat, managing director, Alumco, said: “This investment is a major shot in the arm as it will further enhance Alumco's growth and will give us massive expansion possibilities. Now with this investment and continued support from our strong financial partners Gulf Investment Corporation and Global Investment House, we aim to position ourselves to become the No.1 aluminum and glass façade manufacturing company in the Gulf.” Hisham Al-Razzuqi, CEO of Gulf Investment Corporation, said: “We are very pleased with this investment as Alumco has proven to be a formidable player in the aluminum and glass industries. We see this investment as a launch pad for the company's further growth into the regional markets. The investment in Alumco's equity fits with our strategy of growing in the GCC region's manufacturing sector by partnering with the private sector.” GIC is a leading investment firm with primary focus on the Gulf region and has assets under management of over $9 billion. It is equally owned by the six GCC governments and was established to promote development and enhancing the role of the private sector in the GCC countries. GIC has made several investments in the building materials and construction industry in the UAE and other GCC countries. GIC has made investment in Alumco through its 100 percent owned subsidiary Bitumat Company Limited based in Saudi Arabia. Bitumat is a holding company of several successful building material businesses across GCC. Alumco's rich portfolio includes major projects in various locations around Dubai. The company has previously completed several prestigious projects that include 15 towers at Burj Dubai Residence located at the Burj Dubai development, the Dubai Police Headquarters, Al-Murroj Complex on Sheikh Zayed Road, Shatha Tower in Dubai Media City, four towers at the JBR Sector 6 complex, the Burj Dubai Lake Tower Hotel, Sky Gardens at DIFC, and Marine Tower. Shailesh Dash, senior vice president and head of Alternative Investments Group in Global said: “This investment only indicates our continued confidence in Alumco to become the leading regional supplier of aluminum façades and glass products to the booming Gulf construction markets. Upon the completion of the agreement, Global's managed private equity funds will now hold a total stake of 29.7 percent in Alumco as it already owns 21.21 percent of the company.” __
