Doha: Ghanim Bin Saad Al Saad & Sons Group (GSSG), a leading Qatar-based diversified business conglomerate, and Sirti, Italy’s leading technology company in the design and implementation of network infrastructures and system integration, announced here yesterday the signing of a joint venture agreement, establishing “Sirti Mena for Projects”. GSSG will hold a 51 percent stake in the joint venture company, while Sirti will hold the remaining stake.
The partnership with GSSG will significantly broaden Sirti’s regional potential across the GCC, North Africa and Levant region. Sirti Mena for Projects will focus its activities on the development of infrastructure for telecommunication networks — fixed and mobile — power transmission systems, security systems, integrated systems for transportation businesses, system integration in ICT businesses and smart cities solutions.
The partnership unites the technical expertise and international experience of Sirti with the regional strength and reach of GSSG in the Mena region, emanating from its home base Qatar. The joint venture company will pursue project opportunities in GCC countries Qatar, Oman, Bahrain and Kuwait, in addition to Egypt, Sudan, Yemen, Iraq, Syria, Lebanon, Tunisia, Morocco and Algeria.
GSSG Holdings Qatar Chairman Mohammed Al Hamadi said: “We are pleased to be partnering with Sirti, internationally-renowned for spearheading innovative and critical projects around the word. Our goal is to play a major role in the development of the region’s infrastructure networks and to seize opportunities arising from the rapidly developing infrastructural arena. Sirti Mena for Projects will strive to acquire projects throughout the Mena region and benefit from both GSSG’s vast network and heritage in the field of engineering, contracting and provision of industrial systems, in addition to Sirti’s technical know-how and solutions for infrastructure design and implementation across the range of applications.”
Sirti CEO Stefano Lorenzi said: “This joint venture is an important element of Sirti’s strategy, aimed at developing its international footprint. Sirti has decided to focus on the MENA region because of its consolidated ‘best practices’ in the execution of major projects in this area, in addition to the rapid infrastructural growth it is witnessing, offering significant business opportunities. Many countries of the Mena region are planning major projects of a high level of complexity, and we believe that Sirti in this arena can significantly contribute at both an engineering and operational level.”
The Peninsula
