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Emirates Steel and SNIM to form joint venture company.
  • The transaction provides significant revenue diversification for the Combined Group
  • Arkan issued to Senaat a convertible instrument, which converted into 5.1 billion ordinary Arkan shares

Arkan Building Materials Company PJSC (Arkan), a leading construction and building materials company in the UAE, has announced the legal completion of its merger with Emirates Steel Industries PJSC (Emirates Steel), a leading integrated steel manufacturer in the Middle East.

The merger of Arkan and Emirates Steel (the Combined Group) creates the UAE’s largest steel and building material company with a compelling strategic proposition and strong potential for growth in the UAE and internationally.

The transaction provides significant revenue diversification for the Combined Group and marks the first time that investors have access to a steel producer on a UAE public market.

The Group is well placed to scale and grow, create new business opportunities and ensure that homegrown manufacturers are at the forefront of driving a sustainable, diversified national economy.

Under key terms of the offer, Arkan issued to Senaat a convertible instrument, which converted into 5.1 billion ordinary Arkan shares.