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Dubai’s Arabtec Holding has announced that it has completed the acquisition of Emirates Falcon Electromechanical Company (EFECO) as it attempts to enhance its position in the fields of engineering and construction
According to a statement by Arabtec Holding, the company completed its purchase of the electromechanical services provider for an undisclosed amount by purchasing a 45 per cent stake in it. Earlier, Arabtec Holding was a 55 per cent major shareholder in the company.
The construction and engineering group said that the acquisition of EFECO would also help Arabtec Holding diversify its sources of income.
Set up in 2001, EFECO provides design, procurement, installation, testing and commissioning services for electrical, air conditioning, plumbing, sanitary works, instrumentations, telecommunication and fire-fighting systems in residential and commercial developments. It has its operations in the UAE, Qatar, Jordan and Saudi Arabia.
Arabtec Holding managing director Hasan Abdullah Ismaik said, “Now that EFECO is a part of the Arabtec group, we are in a far better position to enhance its growth and ensure it maintains its position as a leader in electromechanical services.”