ABU DHABI, 13 January 2008 — Abu Dhabi-based Al-Qudra Holding, which sold a 10 percent stake to Kuwait’s Safat Investments last year, said yesterday the two companies plan to launch new projects jointly.
“Our business dealings with Al-Safat Investments will open doors for further development and broaden the scope of our investments in the region and the world,” Salah Salem Al-Shamsi, chairman of Al-Qudra, said in a statement issued after the two companies signed an initial agreement.
Safat has said it acquired 60 million, or 10 percent, of the shares of Qudra for AED600 million ($163.4 million).
Al- Shamsi further said: ‘Our cooperation with Al-Safat today comes as one of the most important investment agreements we have achieved with any company in either the public or private sector in and outside the Arab world throughout 2007.”
Walid Ahmed Al-Sharhan, chairman of the board and managing director, Al-Safat, said “this strategic alliance with Al-Qudra Holding is considered one of the most important agreements Al-Safat has reached since its inception.” He added that “our agreement with Al-Qudra Holding forms the basis for the establishment of prominent projects which will be announced in due course.”