Dubai-based investment concern, KBW Investments, owned by Saudi prince Khaled bin Alwaleed bin Talal, has formed a partnership with French heavy equipment technology manufacturer Ascorel.
The agreement, signed by Ahmed Alkhoshaibi, group CEO of KBW Investments, and Francis-Pierre Lemahieu, president of the Ascorel Group, marked the creation of Ascorel Middle East, which will focus on markets in the Gulf and across the MENA region.
Alkhoshaibi remarked: “The partnership builds on a long-standing and mutually successful relationship between our two entities. Raimondi Cranes, acquired by KBW in 2014, has worked closely with Ascorel for many years in the application of the company’s construction safety solutions.
The integration of Ascorel technologies into the Raimondi Cranes framework has given us ample experience with the company, and the confidence for this new venture targeting the Middle East.”
Ascorel Middle East will facilitate the sale, implementation and distribution of sensor and safety technologies, including on-board weighing, safe-load indicators, anti-collision systems and a range of other systems.
Jean-Yves Billon, CEO of the Ascorel and Ascotronics Group, added: “The new partnership with KBW Investments will allow for greater international reach and market penetration, given the company’s strong regional foothold and diverse presence in the construction and manufacturing sectors.
“We are looking forward to strengthening our Middle East market share, and we have planned to devote significant resources to this exciting time in Ascorel’s history.”
Ascorel Middle East will commence operations as of August 2016, and will be based out of KBW Investments headquarters in Dubai, UAE.
