Mapei continues to build local presence with Saudi waterproofing takeover
Acquisition of KSA’s Bitumat boosts the Italian multinational’s portfolio and strengthens foothold in Middle East
Mapei Group, the leading Italian manufacturer of chemical products for use in the building industry, has announced the successful acquisition of Bitumat, a waterproofing specialist in Saudi Arabia.
The acquisition marks a significant milestone for Mapei Group as it bolsters expansion plans to strengthen its presence in the Middle East region.
Wholly owned and developed by Gulf Investment Corporation (GIC), Bitumat’s extensive reach will enable Mapei Group to tap into key source markets, aligning with its expansion strategy in the region.
Bitumat’s infrastructure includes its main factory, spanning an area of over 100,000 sq. m. in Dammam, KSA, and a manufacturing plant in Bahrain.
The leading waterproofing solutions manufacturer has offices and warehouses in Riyadh and Jeddah, and sales offices in UAE and Oman. Bitumat’s waterproofing products have been used successfully across numerous building sites in the Middle East and Africa.
On the strategic takeover, Mapei Group CEO, Veronica Squinzi, said: “With this acquisition, Mapei Group will strengthen its foothold in the Middle East region, one of the biggest growth markets for us. At Mapei, our revenue increased by over 37% in 2022, and we made important regional investments in recent years.”
Acquiring Bitumat will enhance Mapei’s portfolio of waterproofing solutions and increase the Italian multinational’s competitiveness in regional markets – extending its footprint to 102 subsidiaries across 57 countries and 90 manufacturing plants in 35 nations globally, with a workforce of over 11,900 employees.
Mapei has already supplied its technical solutions and cutting-edge services to numerous projects in Saudi Arabia, including the NEOM giga-project; the designated Expo 2030 site in the capital city Riyadh; the Red Sea development; and the conservation of the Heqra archaeological site.
Mapei also invests heavily in the region, operating a manufacturing plant in UAE, and having a local presence in Saudi Arabia under the name of Mapei Saudia.
