The French multinational company Egis has completed the acquisition of Projacs International, the largest Pan-Arab project and construction management firm based in Kuwait.
Egis is a major international group that has proved its efficiency in the areas of infrastructure and transport systems, planning, water and environment, while Projacs is focused on engineering consultancy and project management.
In 2015, Egis had acquired 51 percent of the shares in Projacs International and became a major shareholder of the Kuwait-based company. Since then, both the firms have aligned their business strategies in the Middle Eastern market for expanding their geographical reach.
With the recent acquisition of a strategic stake in Projacs International, Egis’ total ownership has risen to 95.45 percent. According to the French multinational company, the complete acquisition allows both companies to combine their offerings to the clients through a well-established network of local offices with global knowledge and experience.
“The complete acquisition of Projacs International, a company with such a strong local presence will further enhance the growth of Egis Group in the region. Projacs has been and is a trusted partner for many prestigious clients. Their recent wins confirm the importance of the company. Together Egis and Projacs complement the skills and competencies, allowing the Group to present a holistic approach to each project.”
Speaking on the acquisition. the founder of Projacs Dr. Nabil Al Qaddumi said “We both have worked together during the past 5 years on finding the best solutions for our clients and partners. We advanced the integration of the offerings and secured many awards through a ‘glocal’ approach: Egis global experience with Projacs’ local expertise.”
Egis is a leading global player in the construction engineering and mobility services sectors whose unique service range encompasses infrastructure consulting, engineering and operation. The international institutional investors Caisse des Depots owns 75 percent of the company, with the remaining share held by partner executives and employees. The company had managed a $1.45 billion turnover for 2019.