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Tuesday 3rd February 2004 |
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The Dubai based joint venture company will be called Sealegs Dubai LLC and will be 48% owned by Sealegs Corporation. The other 52% will be owned by Albwardy Investment.
The Albwardy Investment group has interests in a range of companies including those in the construction, manufacturing, logistics and marine sectors. The companies in the Albwardy group have a combined annual turnover in excess of US$1 billion and employ 25,000 people.
Albwardy Investment will initially advance US$500,000 into Sealegs Middle East LLC for the establishment of manufacturing and sales facilities.
The chairman of the new joint venture will be Dubai businessman Ali Albwardy. Albwardy said "Dubai is an ideal location for a new Sealegs manufacturing facility and there is a large sales opportunity for Sealegs amphibious boats both in the United Arab Emirates and the surrounding region."
"The joint venture will give Sealegs a strong presence in the Middle East and is the beginning of Sealegs international expansion," Sealegs chief executive David McKee Wright says.
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