Dubai-based investment concern, KBW Investments, founded and Chaired by HRH Prince Khaled bin Alwaleed bin Talal, today announced the formation of a partnership with French technology manufacturer, Ascorel Group.
The agreement, signed by Ahmed Alkhoshaibi, Group CEO, KBW Investments, and Francis-Pierre Lemahieu, President of Ascorel Group, entails the creation and launch of Ascorel Middle East, centered on servicing the markets of Middle East and North Africa (MENA). As part of the KBW Investments (KBW) Group of companies, the newly-formed enterprise is in line with Prince Khaled’s direction to encourage KBW’s role in the application of innovative technological solutions across respective Middle East sectors of business. The creation of Ascorel Middle East will facilitate the sale, implementation, and distribution of Ascorel’s technologies dedicated to the heavy machinery segment in the region.
“The establishment of the partnership between KBW Investments and Ascorel Group builds on a long-standing and mutually successful relationship between our two entities. Raimondi Cranes, acquired by KBW in 2014, has worked closely with Ascorel for many years in regards to the application of the company’s construction safety solutions. The integration of Ascorel technologies into the Raimondi Cranes framework has given us ample experience with the company, and has allowed us to confidently unite for this new venture that targets the Middle East,” said Ahmed Alkhoshaibi, Group CEO of KBW Investments, remarking on the agreement.
“Ascorel’s range of products, services and after-sale attention will now be made available to the MENA region through the establishment of Ascorel Middle East. The new partnership with KBW Investments will allow for greater international reach and market penetration, given the company’s strong regional foothold and diverse presence in the construction and manufacturing sectors,” said Jean-Yves Billon, CEO of Ascorel and Ascotronics Group. “We are looking forward to strengthening our Middle East market share, and we have planned to devote significant resources to this exciting time in Ascorel’s history.”
Ascorel Middle East will commence operations as of August 2016, and will be based out of KBW Investments headquarters in Dubai, UAE.