Egis, a global player in the construction and engineering services sector, has completed the acquisition of Projacs International, a Kuwaiti-based engineering consultancy and project management company, it has been announced.
The announcement comes in the wake of Egis purchasing 51% of Projacs Internationals shares in 2015, thus becoming a majority shareholder. Since then Egis and Projacs have worked on aligning their business strategies in the Middle East and enlarging their geographical reach, a statement from Egis said.
With the acquisition, Egis’ total stake in the Kuwait firm has risen to 95.45%.
A French multinational company, Egis is involved in the areas of infrastructure and transport systems, planning, water and environment, while Projacs is a local engineering consultancy and project management company.
Founded in 1984 at Kuwait, Projacs is the largest Pan-Arab project and construction management company with offices in all the Middle Eastern countries.
“The complete acquisition of Projacs International, a company with such a strong local presence will further enhance the growth of Egis Group in the region. Projacs has been and is a trusted partner for many prestigious clients,” stated Laurent Germain, CEO of Egis Group.
“Their recent wins confirm the importance of the company. Together Egis and Projacs complement the skills and competencies, allowing the Group to present a holistic approach to each project,” he added.
Furthermore, the complete acquisition allows both companies to unify the offerings to the clients through well-established network of local offices with a global know-how and experience, the company said. Projacs brings to table the extensive portfolio of PM in buildings, BIM and infrastructure domain across GCC and beyond, it continued.
Projacs Founder Dr Nabil Al Qaddumi said: “We both have worked together during the past 5 years on finding the best solutions for our clients and partners. We advanced the integration of the offerings and secured many awards through a ‘glocal’ approach: Egis global experience with Projacs’ local expertise.”
“As a founder of Projacs International, I am truly convinced that together we can conquer the Middle East market and secure sustainable growth,” he concluded.