MUSCAT : Capitalizing on the strong relationship between Oman and the United Arab Emirates, Al Adrak Trading and Contracting Co. LLC announced the signing of a Memorandum of Understanding (MOU) with Saad Bahwan Investment Management Company (SBIMC).
This partnership with SBIMC, a well-respected Omani conglomerate with a diverse portfolio across various sectors, including construction and development, paves the way for Al Adrak to establish itself as a real estate developer in the UAE, following its successful track record as a contractor in the region. The signing coincides with His Majesty Sultan Haitham bin Tariq Al Said’s recent visit to the UAE, further solidifying the economic ties between the two nations.
A leading force in Oman’s construction industry, Al Adrak Trading and Contracting Co. LLC has built a reputation for delivering high-quality projects. While their core operations have been in Oman, they have established a presence in Dubai as a trusted contractor for real estate development projects. This MOU marks a significant step forward for Al Adrak, allowing them to leverage their expertise and expand into the dynamic UAE developer market.
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The joint venture will combine Al Adrak’s construction experience with SBIMC Group’s diverse portfolio and market knowledge. This collaboration will focus on creating innovative and sustainable real estate projects within the UAE.
Sohar International, Oman’s fastest-growing bank, plays a pivotal role as the exclusive financial advisor for the transaction. Additionally, it has been selected to advise on the debt-raising aspect, highlighting its commitment to driving the Sultanate’s economy. With expertise and dedication, Sohar International stands prepared to leverage its capabilities to foster sustainable growth and development.
“We are thrilled to announce this partnership with SBIMC“ stated Dr. Thomas Alexander, Chairman Al Adrak. “Our successful track record as a contractor in Dubai positions us well for this exciting venture. By joining forces with SBIMC, we can leverage their experience and establish ourselves as a prominent developer in the UAE, contributing to the ongoing growth of the region’s real estate sector.”
“This partnership signifies SBIMC’s commitment to expanding our footprint in the region and contributing to the UAE’s dynamic real estate sector,” stated Mr. Saad Bahwan, Chairman of SBIMC. “We are confident that by combining our strengths with Al Adrak, we will deliver exceptional projects that benefit the UAE’s economy and its people.”
Looking Ahead
The joint venture developer company is expected to be operational soon. This strategic alliance between Al Adrak and SBIMC holds the potential to create significant job opportunities, contribute to the economic development of both Oman and the UAE, and deliver exceptional real estate projects that benefit the region as a whole.
