Assystem Steps up its Development in the Arabian Gulf
- Completion of the acquisition of Radicon Gulf Consult in Saudi Arabia
- New engineering contract for more than 220 buildings between Mecca and Medina for the Saudi Interior Ministry
Al Khobar, January 16, 2015 - Assystem announced today that it had completed the acquisition of 75% of the Saudi engineering company Radicon Gulf Consult (Radicon). Ali K. Al-Harbi, founder of the company, retains a 25% stake in Radicon.
As part of its effort to support local investment by international companies in order to develop the national economy and recruit Saudi personnel, the Saudi authorities gave their approval for the transaction at the end of last year. Radicon's knowledge of the market and expertise, combined with Assystem's skills in project management and engineering, strengthen the abilities of both companies to seize opportunities related to the country's many infrastructure projects.
Already, Assystem and Radicon won a joint tender with Saudi Arabia's Ministry of the Interior, worth €5 million. The contract covers the engineering for more than 220 buildings such as workshops, offices, sports centres, theatres, restaurants, in an area of 10,000 m2 spread over six locations between Mecca and Medina. It forms part of the "King Abdullah Project for Security Forces" (KAP) investment programme to improve safety conditions and accommodation for pilgrims visiting the sites of Mecca and Medina.
"This first significant contract won jointly by Assystem and Radicon demonstrates our complementary skills as well as the region's development potential," says Stéphane Aubarbier, Executive Vice President, Energy & Infrastructure, Assystem.
This acquisition of the 400-person engineering company based in Saudi Arabia in Al Khobar and Riyadh enables Assystem to double the size of its footprint in the Arabian Gulf region, and gain market share in the infrastructure, energy and transportation sectors.
Assystem has been present in the Gulf since 2011, through its participation in the UAE nuclear programme and its technical assistance subsidiary, MPH Global Services. The company's Energy & Infrastructure division has been based in Dubai since September 2013. The acquisition of Radicon forms part of its international development strategy.
Radicon Gulf Consult is a leading company in the field of design, engineering and services in Saudi Arabia. With an extensive list of regional and national clients such as Saudi Aramco, SABIC, the Royal Commission, Saudi Electricity Company and the private sector, RGC offers innovative engineering solutions to create flexible, efficient and profitable environments,. RGC employs 400 people and reported revenue of €23 million in 2014.
More information on www.radicongulf.com/ (http://www.radicongulf.com/)
Assystem is an international Engineering and Innovation Consultancy. As a key participant in the industry for over forty-five years, Assystem supports its customers in developing their products and managing their capital expenditure throughout the product life cycle. Assystem employs nearly 11,000 people worldwide and reported €871.4 million revenue in 2013. The Company is listed on Euronext Paris.
More information on www.assystem.com (http://www.assystem.com) - Follow Assystem on Twitter: Assystem (https://twitter.com/Assystem)
| PRESS CONTACT Pauline Bucaille Director of Communications & Investor Relations Tel.: +33 (0)1 55 65 03 08 - pbucaille@assystem.com (mailto:pbucaille@assystem.com) | Nicolas Castex - Agnes Villeret - Lucie Larguier Citigate Dewe Rogerson Phone: +33 (0)1 53 32 78 95 - (0)1 53 32 84 75 agnes.villeret@citigate.fr (mailto:agnes.villeret@citigate.fr) / / lucie.larguier@citigate.fr (mailto:lucie.larguier@citigate.fr) |
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Source: ASSYSTEM via Globenewswire
