Posted on January 12, 2015

First Equity Partners (FEP), a MENA private equity firm alongside a group of strategic partners announced the acquisition of Oryx Industries, a leading Fujairah based producer of building materials. The initial acquisition of 50% stake by FEP and its strategic partners will be followed by a full acquisition by the end of the first quarter of 2015.  The consortiums of investors who have joined forces with FEP execute this acquisition include: State Holding (Qatar), Al Rawabi Holding (KSA) and AlWaab Real Estate (Kuwait). 

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The acquisition supports the ambitious expansion plan of the construction materials producer, which has delivered robust growth in the recent past. It also capitalizes on the GCC construction boom, driven by significant investment in large-scale real estate and infrastructure projects, such as the Qatar World Cup 2022. This is set to boost the demand for imports of construction materials in coming years.

Oryx Industries is a regional industry leader in the production of aggregates and ready-mix, trading and bulk transport services. It holds a 50% share of the ready mix concrete market in Fujairah and a 20% share of Fujairah’s aggregate export market.  Mr. Qais Al Maskati (Managing Director of FEP) and H.E. Sheikh Abdulla bin Hamad Al Sharqi (Chairman of Oryx Industries) expressed their enthusiasm and optimism regarding the acquisition, given the lucrative market potential which is supported by the increasing demand for building materials in the construction sector.