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Dubai: The Al Basel Group has acquired Al Shabak Contracting to broaden its business interests, which span car rentals, real estate and consultancy services in the UAE.
The Al Basel Group includes Najd Rent A Car, Al Basel Consultancy, and Al Basel Real Estate Brokers.
"The deal will strengthen Al Basel's presence in the booming Arab construction market, as Al Shabak expects contracts and projects valued at Dh300 million in 2008," a company statement said.
"Our strategic acquisition of Al Shabak positions us well in the booming regional construction market and complements our real estate activities. Both companies share a commitment to excellence and innovation," said Basel Al Kasem, CEO, Al Basel Group.
Established in 1996, Al Shabak has successfully completed 22 projects and maintains a productive business partnership with Belhasa International, a leading proponent of industrial development in the UAE.
Currently managing 250 employees, Al Shabak is presently setting up a new branch in Sharjah.
"Our inclusion in the Al Basel Group provides us access to an established regional brand and flexibility to explore new markets. We shall continue adopting advanced administrative and technical methods to meet the needs of the construction sector," said Ayman Yahia, general manager, Al Shabak Contracting.
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