KBW Investments formalized the completion of a 50 percent acquisition of Arcadia Engineering, an engineering firm with existing operations in Romania and Brazil, in a signing ceremony in Dubai, tradearabia.com informs, quoting a press release.
Prince Khaled bin Alwaleed, founder of KBW Investments, participated in the ceremony, along with Eng. Florin Nistor Chinole, founder and partner of Arcadia Engineering. With the acquisition complete, Prince Khaled bin Alwaleed will serve as the new chairman of Arcadia Engineering.
“I envision the upsurge of a new powerhouse of engineering, architecture and project management services in the Middle East,” Prince Khaled bin Alwaleed said, referring to Arcadia’s upcoming expansion plans for Saudi Arabia, Qatar and the UAE. With KBW’s investment, Arcadia is positioned for substantial growth in the Middle East and South America in its core areas of engineering, architecture, design, consultancy and project management services for the construction and manufacturing industries.
With KBW’s investment, Arcadia is expected to witness substantial growth in the Middle East and South America in its core areas of engineering, architecture, design, consultancy and project management services for the construction and manufacturing industries, Prince Khaled stated. This acquisition marks KBW’s second European purchase in 2014, the first being Raimondi Cranes, a 150-year-old Italian tower crane manufacturer.
“I have strong confidence in the management team’s ability to maximize the opportunity before us while maintaining the company’s unique culture–especially as it relates to investing in talent in specialized areas of engineering,” Prince Khaled bin Alwaleed said.
The company was responsible for transferring construction know-how and expertise to the legislation development for the EU programme ‘Europe 2050 – a strategy for smart, sustainable and inclusive growth’. The company’s current portfolio includes investments in the manufacturing, construction, engineering, energy and technology sectors.