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DI acquires glass firm

DUBAI — Dubai Investments PJSC (DI) has completed the acquisition of Saudi American Glass Company (SAGC) following more than 18 months of negotiations.This deal formalises that SAGC will now operate as a wholly-owned subsidiary of Dubai Investments.

Saudi-based SAGC is the region's first and one of the largest Middle Eastern glass manufacturers, annually supplying more than 3 million metres of glass. The company is the latest addition to DI's expanding portfolio of subsidiaries and the acquisition is expected to increase DI's market penetration.

"We are delighted to finalise this deal as negotiations have been lengthy and this company is a valuable asset to any investment portfolio. Saudi American Glass Company is a well established and highly reputable company with many notable clients and we are happy to acquire a company with such expertise," said Khalid Kalban, Managing Director and Chief Executive Officer, Dubai Investments.

"The glass manufacturing industry is currently struggling to keep up with the glass demand created by the booming property development sector in the region. Acquiring a high-production, well-entrenched company such as Saudi American Glass Company represents a golden opportunity for us to strengthen our investments portfolio by continuing to invest in companies that will bring increased revenue for our shareholders," Kalban added.