KBW Investments and Basma Group Sharjah sign two strategic agreements
Bolstering the strength of an existing partnership between KBW Investments and Basma Group Sharjah, HRH Prince Khaled bin Alwaleed bin Talal, Chairman, KBW Investments, and Sheikh Sultan bin Ahmed Al Qasimi, Chairman, Basma Group Sharjah, signed two agreements at Basma Group Sharjah headquarters today forming Klampfer Middle East LLC and Arcadia Middle East LLC.
Pursuant to a 2015 KBW Investments partnership with Klampfer to create and launch Klampfer Holding addressing the needs of the MENA region, a UAE-centric subsidiary, Klampfer Middle East LLC, has been established under the direction of Chairman Sheikh Sultan bin Ahmed and Vice Chairman Prince Khaled bin Alwaleed.
The signing puts forward the joint intent to execute construction projects in the United Arab Emirates, including the Majlis Grand Mercure Sharjah Resort and Spa. The first undertaking under the joint agreement of Klampfer Middle East LLC, the 12,000 square meter five-star Majlis Grand Mercure Sharjah Resort and Spa, a US$100 million hospitality project situated in Sharjah, UAE, is to be followed by construction projects across multiple sectors in the Gulf country.
The second signing between Prince Khaled bin Alwaleed and Sheikh Sultan bin Ahmed focused on the formation of Arcadia Middle East LLC, and is also structured under the direction of Sheikh Sultan’s Chairmanship, and Prince Khaled’s Vice Chairmanship.
Acquired by KBW Investments in November 2014, Romanian-based Arcadia Engineering currently has operations in the Kingdom of Saudi Arabia, Qatar, and Australia, and with the establishment of Arcadia Middle East LLC, will now pursue aggressive expansion into the UAE with a full range of engineering and architectural consultancy services.
“KBW Investments takes pride in the proactive relationship we have with Basma Group Sharjah. Together, with the two entities seeking similarly positioned goals of expansion and development fostering diverse UAE economic activity, our partnership promises exciting things for the future,” said Prince Khaled, remarking on the signings.
“Basma Group is proud to announce our partnership with KBW Investments. Our collaboration will complement our strengths to create and utilize new development and investment opportunities in different sectors within the Middle East,” commented Sheikh Sultan.