GSSG AND SIRTI SIGN JOINT VENTURE AGREEMENT; ESTABLISH “SIRTI MENA FOR PROJECTS”
16 Apr 13
Doha, 16 April 2013 - Ghanim Bin Saad Al Saad & Sons Group (“GSSG”), a leading Qatar-based diversified business conglomerate, and Sirti, Italy's leading technology company in the design and implementation of network infrastructures and system integration, announced today in Doha the signing of a joint venture agreement, establishing “Sirti MENA for Projects”. GSSG will hold a 51% stake in the joint venture company, while Sirti will hold the remaining 49% stake.
The landmark joint venture partnership with GSSG will significantly broaden Sirti’s regional potential across the GCC, North Africa and Levant region. Sirti MENA for Projects will focus its activities on the development of infrastructure for telecommunication networks – fixed and mobile - power transmission systems, security systems, integrated systems for transportation businesses, system integration in ICT businesses and smart cities solutions.
The partnership unites the technical expertise and international experience of Sirti with the regional strength and reach of GSSG in the MENA region, emanating from its home base Qatar. The joint venture company will pursue project opportunities in GCC countries Qatar, Oman, Bahrain and Kuwait, in addition to Egypt, Sudan, Yemen, Iraq, Syria, Lebanon, Tunisia, Morocco and Algeria.
Commenting on the partnership, Chairman of GSSG Holdings Qatar, Mohammed Al Hamadi, stated: "We are pleased to be partnering with Sirti, internationally-renowned for spearheading innovative and critical projects around the world. Our goal is to play a major role in the development of the region’s infrastructure networks and to seize opportunities arising from the rapidly developing infrastructural arena. Sirti MENA for Projects will strive to acquire projects throughout the MENA region and benefit from both GSSG’s vast network and heritage in the field of engineering, contracting and provision of industrial systems, in addition to Sirti’s technical know-how and solutions for infrastructure design and implementation across the range of applications.”
GSSG in its 20 year history has played an integral role in the development of Qatar’s fast paced growth. The Group’s reputation and expertise in a broad range of industry sectors have allowed it to secure its participation in a number of prestigious projects in the State of Qatar and globally.
“This joint venture is an important element of Sirti’s strategy, aimed at developing its international footprint. Sirti has decided to focus on the MENA region because of its consolidated ‘best practices’ in the execution of major projects in this area, in addition to the rapid infrastructural growth it is witnessing, offering significant business opportunities. Many countries of the MENA region are planning major projects of a high level of complexity, and we believe that Sirti in this arena can significantly contribute at both an engineering and operational level”, says Stefano Lorenzi, CEO of Sirti."
"We have decided to join forces with GSSG because of its strategic positioning in this region. We believe that GSSG is the ideal partner for Sirti to identify new and profitable business opportunities, further complementing our engineering capabilities with prestige and credibility in the region. We are delighted that GSSG and Sirti will jointly collaborate through a joint venture model, achieving our objectives in complete synergy, and rapidly creating value for the region, our employees and our shareholders,” concludes Stefano Lorenzi.