BlueFive Capital has acquired a 70% stake in Gulf Cobla LLC, a UAE-based dredging and land reclamation company.
As part of the transaction, BlueFive Capital will acquire the entire 49% shareholding held by Advanced Dynamics Investments, an affiliate of Saudi Binladin Group, together with a 21% stake from Dutco Group. Following the transaction, Dutco will continue to remain a shareholder in Gulf Cobla with a 30% stake in the company.
Commenting the news, Hazem Ben-Gacem, Founder and Chief Executive of BlueFive Capital, said: “We are delighted to announce this investment in Gulf Cobla, which marks BlueFive Capital’s foray into infrastructure and real assets. Gulf Cobla has built a trusted reputation over nearly five decades, and we see significant opportunity to support its next phase of growth through BlueFive Capital’s platform, network and regional ecosystem.”
Established in 1977 by order of the late Sheikh Rashid bin Saeed Al Maktoum, former ruler of Dubai and widely regarded as the architect of modern Dubai, Gulf Cobla has played an important role in the development of marine infrastructure across the region. The company specializes in dredging, land reclamation and associated marine operations through its fleet of cutter suction dredgers and auxiliary support equipment.