BlueFive Capital, among the world’s fastest growing investment platforms, announced today that it has acquired a 70% stake in Gulf Cobla, a UAE-based dredging and land reclamation company with a track record across the Middle East and South Asia.
As part of the transaction, BlueFive Capital will acquire the entire 49% shareholding held by Advanced Dynamics Investments, an affiliate of Saudi Binladin Group, together with a 21% stake from Dutco Group. Following the transaction, Dutco will continue to remain a shareholder in Gulf Cobla with a 30% stake in the company.
Established in 1977 by order of the late Sheikh Rashid bin Saeed Al Maktoum, former ruler of Dubai and widely regarded as the architect of modern Dubai, Gulf Cobla has played an important role in the development of marine infrastructure across the region, said the statement from BlueFive Capital.
The company specialises in dredging, land reclamation and associated marine operations through its fleet of cutter suction dredgers and auxiliary support equipment. The company has completed major civil marine projects such as Jebel Ali Port, Aqaba New Port and Male airport in the Maldives, it stated.
Founder and CEO Hazem Ben-Gacem said: “We are delighted to announce this investment in Gulf Cobla, which marks BlueFive Capital’s foray into infrastructure and real assets. Gulf Cobla has built a trusted reputation over nearly five decades, and we see significant opportunity to support its next phase of growth through BlueFive Capital’s platform, network and regional ecosystem.”
Dutco Group CEO Nelson Gibb said: “We are pleased to continue our partnership in Gulf Cobla alongside BlueFive Capital. Gulf Cobla is a company with a strong legacy, an experienced management team and long-standing presence in the regional dredging market. With BlueFive Capital as a strategic partner in Gulf Cobla, we look forward to building on its established heritage and develop its capability further.”
Both parties are now looking forward to working closely with Gulf Cobla’s management team to identify opportunities for expansion into high-growth regional markets, increase fleet utilisation and create new business opportunities.
Incorporated in Abu Dhabi Global Market and with offices in London, Manama, Abu Dhabi, Dubai, Muscat and Beijing, BlueFive Capital offers private equity, real estate, infrastructure and financial products to private wealth, institutional and retail clients.-TradeArabia News Service