Egis, a global player in the construction and engineering services sector, said it has completed the acquisition of Projacs International, a local engineering consultancy and project management company headquartered in Kuwait.
A French multinational company, Egis is involved in the areas of infrastructure and transport systems, planning, water and environment.
Founded in 1984 at Kuwait, Projacs is the largest Pan-Arab project and construction management company with offices in all the Middle Eastern countries.
In 2015, Egis had purchased 51% of the shares in Projacs International, thus becoming a majority shareholder. Since then, Egis and Projacs worked on aligning the business strategies in the Middle Eastern market and enlarging their geographical reach, said the statement from Egis.
With today's acquisition of a strategic stake in the Kuwaiti engineering group, Egis' total ownership has risen to 95.45%, it added.
According to Egis, the complete acquisition allows both companies to unify the offerings to the clients through well-established network of local offices with a global know-how and experience.
Projacs brings to table the extensive portfolio of project management expertise in buildings, building information modelling (BIM) and infrastructure domain across GCC and beyond, said a top official.
"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," stated Laurent Germain, CEO of Egis Group.
"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," he added.
Projacs Founder 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."
"As a founder of Projacs International, I am truly convinced that together we can conquer the Middle East market and secure sustainable growth," he added.
Egis is a major international group in the construction engineering and mobility services sectors whose unique global service range encompasses infrastructure consulting, engineering and operation.
It is 75 per cent owned by global institutional investors Caisse des Dépôts, while the remaining 25% stake is held by partner executives and employees. The company, which has a 15,800-strong global workforce, had managed a €1.22 billion ($1.45 billion) turnover for 2019.