PRESSR: Italian Mapei Group strengthens its presence in the Middle East through its acquisition of Saudi Arabia's Bitumat.
Dubai: Mapei Group, the leading global Italian manufacturer of construction chemicals, announced its acquisition of full ownership of Bitumat, a leading producer of waterproofing solutions in Saudi Arabia. This acquisition marks a significant milestone and achievement for the group, particularly as it supports its expansion plans to strengthen its presence in the Middle East region.
Speaking about the acquisition, Veronica Squinzi, CEO of Mapei Group, said: “This acquisition will allow Mapei Group to consolidate its presence in the Middle East as one of our largest growth markets. The Group saw its revenues increase by more than 37% in 2022 and we have made significant regional investments in recent years.”
Bitumat, wholly owned and developed by Gulf Investment Corporation, has a broad and intensive presence in a number of key markets, and the acquisition will help Mapei Group enter these markets in line with the group’s strategies to expand its presence in the region.
The company's infrastructure includes its main factory, spanning over 10,000 square meters in the Second Industrial City in Dammam, Saudi Arabia, and another factory in Bahrain, as well as offices and warehouses in Riyadh and Jeddah, and sales offices in the United Arab Emirates and Oman. Notably, Bitumat's waterproofing products are successfully used in numerous construction sites across the Middle East and Africa.
In this context, Stefano Iannacone, Regional Managing Director of Mapei Group in the Middle East and Africa, stated: “The acquisition of Bitumat represents Mapei Group’s first direct industrial investment in the Kingdom of Saudi Arabia. It is a strategic decision focused on enhancing our industrial production in line with the Vision 2030 goal of using locally manufactured materials to support the Kingdom’s remarkable development. We are ready to enhance the solutions we offer to meet the growing needs of sustainable development and infrastructure in the region by leveraging the Group’s global expertise and Bitumat’s specialized products. Reaffirming its commitment to purposeful growth, Mapei Group is dedicated to meeting the needs of the construction industry and contributing to shaping the future of the region. Our expansion strategy is based on our commitment to innovation and excellence in the construction sector.”
Mapei Group has supplied numerous projects in Saudi Arabia with its technical solutions and state-of-the-art products, including the futuristic NEOM region, the capital city of Riyadh (the site of Expo 2030), the Red Sea Coast tourism development project, and the preservation of the historical heritage site of Hegra. Mapei Group has also invested in the region, particularly in the United Arab Emirates, where it operates a construction chemicals manufacturing plant, in addition to its significant presence in Saudi Arabia through Mapei Saudi Arabia, which employs 40 people.
The acquisition of Bitumat will strengthen Mapei's portfolio of waterproofing solutions, enhance the competitiveness of the global Italian group in regional markets, and expand its presence to 102 subsidiaries in 57 countries and 90 factories in 35 countries worldwide, with a strong workforce of more than 11,900 employees.
About the Mapei Group
Founded in Milan in 1937, the Mapei Group has become one of the world's leading manufacturers of chemicals for the construction industry, contributing to some of the most important architectural and infrastructure projects worldwide. The Group comprises 102 subsidiaries operating in 57 countries, with 90 manufacturing facilities in 35 countries, and employs more than 11,900 people globally. In 2022, the Mapei Group's consolidated revenues reached approximately €4 billion. Its success is built on specialization, global reach, research and development, and sustainability.
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