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Dubai: Dubai International Capital LLC (DIC), the international investment arm of Dubai Holding, announced the acquisition of a 45 per cent stake in the UAE-based KEF Holding (KEF) by its Emerging Markets division.
KEF is a provider of steel castings for valves and pumps serving the oil and gas, mining, industrial, and chemical industries in the Middle East, Asia, Europe, and the United States.
Sameer Al Ansari, Executive Chairman and CEO of DIC, said: "Today's acquisition of KEF Holding reinforces DIC's commitment to invest in outstanding Middle East businesses that combine strong growth potential with an experienced management team KEF's team have deep industry knowledge, excellent relationships within the sector and a clear vision for growth. KEF's founder, Faizal Kottikollon, has in just 11 years built KEF into a significant competitor to European foundries that have been in operation for over 100 years and we fully support his strategy for sustaining an impressive growth trajectory."
Faizal Kottikollon, CEO of KEF Holding, said: "We are delighted to choose DIC as our strategic partner and shareholder. DIC's ability to leverage their strong relationships in our key target growth markets, mainly Saudi Arabia and India, will elevate KEF's ready capabilities and talent. We are confident that with DIC's market experience and guidance, KEF will be ready for an initial public offering in the near future."
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