Rawabi joins consortium to acquire Oryx shares

First Equity Partners (FEP), a MENA private equity firm, alongside a group of strategic partners, has announced the acquisition of Oryx Industries, a major Fujairah based producer of building materials. FEP and the strategic partners collectively committed a grand total of AED500 million to the venture as of end of December 2014. The initial acquisition of a 50 percent stake will be followed by a full acquisition by the end of the first quarter of 2015.
The consortium of investors who have joined forces with FEP to execute this acquisition include Sheikh Abdulla Al-Sharqi, chairman of Oryx Industries, State Holding (Qatar), Rawabi Holding (KSA) and Al Waab Real Estate (Kuwait).
A press conference was held on Jan. 15 in DIFC and led by spokespersons representing leading shareholders, including Qais Al-Maskati, MD & CEO of First Equity Partners, Osman Ibrahim, Group CEO of Rawabi Holding, Majdi Khalaf, vice chairman/CEO of Oryx Industries, and Adnan Ashkanani, executive management member of State Holding.
Media representatives at the press conference were informed of the finer details of the transaction in addition to learning further information about the upcoming expansion plans and strategic operational plans for future growth at Oryx Industries.
The acquisition supports the ambitious expansion plan of the construction materials producer, which has delivered robust growth in the recent past. It also capitalizes on the GCC construction boom, driven by significant investment in large-scale real estate and infrastructure projects, such as the Dubai World Expo 2020 and Qatar World Cup 2022.
Osama Ibrahim, group president and CEO of Rawabi Holding, said: “We are excited to be part of this consortium and look forward to working with FEP and the other strategic partners to realize the full potential of this opportunity.”