Mohammed Ibrahim Alsubeaei & Sons Investment Company (MASIC) and Malaysian company UEM Edgenta Berhad announced the signing of a strategic partnership according to which, Edgenta Berhard UEM will acquire 60% of the “MEEM” Facility Management Company, a subsidiary of MASIC.
This strategic partnership aims to transform “Meem” into a leading facility management company in the Kingdom, by providing integrated smart facility management solutions in line with the Kingdom’s Vision 2030.
Commenting on the news, Engineer Hani Halawani, CEO of MASIC, said: “We are pleased to announce this partnership with UEM Edgenta Berhad in the field of facilities management, whose market in the Kingdom of Saudi Arabia is expected to grow significantly in the coming years, and we aspire that “Meem” Facility Management will be a major player in this market”.
For his part, Mr. Shahr Nizam Shamsuddin, CEO of UEM Edgenta Berhad, said: “Our investment in Meem FM is in line with UEM Edgenta Berhad’s strategy to expand in the Saudi market. We look forward to a promising partnership with MASIC in the field of integrated facilities management in the Kingdom.”
UEM Edgenta Berhad is a leading global facility management company, listed on the Malaysian stock market, with approximately 21,000 employees in 6 Asian countries, with operations of $2.6 billion.
The transaction is expected to be completed by the end of 2022, after obtaining regulatory approval.