FINANCIAL NEWS

Arabtec, Samsung Engineering form JV

18 Apr 2013

(MENAFN) Arabtec signed an agreement today to establish a new company with Korea’s Samsung Engineering Co in order to boost energy development projects in the Middle East, reported Arabian Business

The firm will hold a 60 percent stake in the new establishment located in Abu Dhabi, while Samsung Engineering will hold the rest.

Both companies will invest in new oil and gas projects in the range of USD3 billion to USD10 billion across the region.

It is worth noting that the power boom in the region will need new investments in both the fossil fuel and renewable energy sectors.

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