The new company, Power Factor Electromechanical Works, offers turnkey mechanical, electrical and plumbing, or MEP, solutions and office automation systems for the construction industry. The joint venture agreement was recently signed by Masharie Chief Executive Officer Abdulaziz bin Yagub Al Serkal and Al Arif Investment Chairman Hamad Al Arif.
“Power Factor is a strategic addition to our portfolio as Masharie already has several companies operating in the field of building materials and construction supplies and services. It will further diversify the group’s presence within the construction sector and also will benefit from synergies within the group,” Al Serkal said.
Power Factor offers the entire spectrum of MEP works and also specialises in the design, installation and commissioning of office automation systems. Based in Dubai, the company focuses on developing advanced technology solutions suitable for a broad spectrum of markets including transportation, banking, telecommunications, defence, universities, hospitals, and retail sectors.
The company will offer services in other related areas including sanitary, air conditioning, ventilations, fire filtration system, fire fighting, safety equipment and systems. The company has also started commercial operations.
The move takes Masharie’s total number of portfolio investments to 16.
The study takes into account premium office rents of Dubai International Financial Centre (DIFC) and Abu Dhabi Global Markets (ADGM)
Business2 days ago