Target is one of 25 local manufacturers that have signed a strategic collaboration agreement with Adnoc, to support the energy group in its vision to procure AED70 billion ($19 billion) worth of industrial products from UAE-based manufacturers by 2027.
In a major move, ALEC Engineering and Contracting, a part of Dubai wealth fund ICD (Investment Corporation of Dubai), has signed a share purchase agreement to acquire Target Engineering, a leading EPC contractor for marine and industrial construction.
Acquiring Target Engineering further strengthens Alec’s established capabilities in marine and industrial construction while enabling the construction company to mar.