BlueFive Capital Agrees to Acquire 70% Stake in UAE Dredging Company Gulf Cobla

BlueFive Capital, among the world’s fastest growing investment platforms[1], announced today that it has acquired a 70% stake in Gulf Cobla LLC, a UAE-based dredging and land reclamation company with a track record across the Middle East and South Asia.

As part of the transaction, BlueFive Capital will acquire the entire 49% shareholding held by Advanced Dynamics Investments, an affiliate of Saudi Binladin Group, together with a 21% stake from Dutco Group. Following the transaction, Dutco will continue to remain a shareholder in Gulf Cobla with a 30% stake in the company.

Established in 1977 by order of the late Sheikh Rashid bin Saeed Al Maktoum, former ruler of Dubai and widely regarded as the architect of modern Dubai, Gulf Cobla has played an important role in the development of marine infrastructure across the region. The company specialises in dredging, land reclamation and associated marine operations through its fleet of cutter suction dredgers and auxiliary support equipment. The company has completed major civil marine projects such as Jebel Ali Port, Aqaba New Port and Male airport in the Maldives.

Hazem Ben-Gacem, Founder and Chief Executive of BlueFive Capital, said: “We are delighted  to announce this investment in Gulf Cobla, which marks BlueFive Capital’s foray into infrastructure and real assets. Gulf Cobla has built a trusted reputation over nearly five decades, and we see significant opportunity to support its next phase of growth through BlueFive Capital’s platform, network and regional ecosystem.”

Nelson Gibb, Group CEO, Dutco, said: “We are pleased to continue our partnership in Gulf Cobla alongside BlueFive Capital. Gulf Cobla is a company with a strong legacy, an experienced management team and long-standing presence in the regional dredging market. With BlueFive Capital as a strategic partner in Gulf Cobla, we look forward to building on its established heritage and develop its capability further.”

Both parties are now looking forward to working closely with Gulf Cobla’s management team to identify opportunities for expansion into high-growth regional markets, increase fleet utilisation and create new business opportunities.

About BlueFive Capital

BlueFive Capital is a global investment platform that today has $15 billion in AUM and targets opportunities in high-potential economies with the goal of transforming traditional financial models and fostering sustainable growth. Incorporated in Abu Dhabi Global Market and with offices in London, Manama, Abu Dhabi, Dubai, Muscat and Beijing, the firm offers private equity, real estate, infrastructure and financial products to private wealth, institutional and retail clients.

About Dutco Group

Dutco, founded in 1947, is a UAE headquartered family-owned multinational group. Its focus on innovation and commitment to world class standards has underpinned Dutco’s growth across a number of diverse industries. Today, the group has operations across five key business verticals, comprising construction, engineering & manufacturing, hospitality, energy and real estate. Dutco operates across 8 countries with over 15,000 employees.