Arabtec Holding has purchased 55 percent stake of Gulf Steel Industries (GSI).

Both two companies have confirmed the deal, but they didn’t reveal the detailed amount.

GSI was established in 2005 in the Hamriyah Free Zone in Sharjah, UAE, specialized in design, fabricates and erects structural steelwork. The company’s output is around 24,000 tons/year of structural steel products.

It is reported that there will be more and more mergers or acquisitions of construction and steel companies due to the construction boom in the Middle East.