UEM Edgenta Strengthens Presence in the Kingdom of Saudi Arabia (KSA) via Partnership with Mohammed I. Alsubeaei & Sons Investment Company (MASIC)
- Written by Newsfile
Kuala Lumpur, Malaysia--(Newsfile Corp. - October 12, 2022) - The deal sees UEM Edgenta solidifying its footprint in Saudi Arabia by entering into a Share Purchase Agreement ("SPA") with MASIC for the investment of a 60% equity stake and provision of growth capital in MEEM for Facilities Management Company ("MEEM"). MASIC will continue to own the remaining 40% stake.
UEM Edgenta
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Syahrunizam Samsudin, UEM Edgenta's Managing Director and CEO, said the investment in MEEM has come at an opportune time.
'I am very proud that our next quantum leap will be via our strategic partnership with MASIC in the Kingdom of Saudi Arabia,' he said. 'There is no better local partner for us to start our navigation in this market in line with Vision 2030. I truly believe that the Kingdom is taking a leading position on a global scale to become a vibrant society, a thriving economy and an ambitious nation.'
Established in 2017, MEEM is a homegrown facilities management ("FM") company founded by MASIC, a leading Saudi investment company in KSA with investments spanning across financial services, real estate, and public and private equity. MEEM's FM capabilities include the provision of hard and soft FM services, specialized and support services to commercial, industrial, education and residential properties in Kingdom of Saudi Arabia ("KSA"), with a workforce of more than 150 employees.
Anchored by Saudi Arabia's Vision 2030, the KSA's facility management market is expected to grow by a CAGR of 6.2% to USD35 billion by 2028, accounting for c.50% of spend in Gulf Cooperation Council ("GCC") region. Mega projects such as Neom, Red Sea, AMAALA and Qiddiya will be the catalysts for UEM Edgenta and MASIC to co-develop world class IFM services in KSA before expanding further into the broader GCC region.
UEM Edgenta believes the investment is aligned with its vision to expand its regional footprint while enhancing product and technology proposition in high-growth markets like Saudi Arabia.
'Our aim is to transform and propel Meem into a world-class IFM, Technology and Sustainability company as we plan to bring the know-how, capabilities development and lessons learnt from all our operations across the world,' said Samsudin. 'Together with Masic's strong leadership in the KSA market I am confident that we will take MEEM to the next level.'
About UEM Edgenta
UEM Edgenta is South East Asia's leading Asset Management & Infrastructure Solutions company. The firm is listed on the Malaysian stock exchange Bursa Malaysia. Its expertise covers Healthcare Support and Property & Facility Solutions within its Asset Management segment, and Infrastructure Services, along with Asset Consultancy within Infrastructure Solutions. UEM Edgenta is currently present in Malaysia, Singapore, Indonesia, Taiwan, India, the United Arab Emirates, and the Kingdom of Saudi Arabia.
Media Contact:Name: Armand ZarimEmail: communications@edgenta.com[2]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/140294[3]
References
- ^ https://images.newsfilecorp.com/files/8799/140294_5f318d54e4a0aaad_001full.jpg (images.newsfilecorp.com)
- ^ communications@edgenta.com (www.newsfilecorp.com)
- ^ https://www.newsfilecorp.com/release/140294 (www.newsfilecorp.com)