Khaleej Times reported that Gulf Investment Corporation and Global Investment House of Kuwait will acquire 24.46% and 8.49% equity stakes respectively in UAE's Alumco Llc.

Mr Samer Barakat MD of Alumco said that "This investment is a major shot in the arm as it will further enhance Alumco's growth and will give us massive expansion possibilities. Now with this investment and continued support from our strong financial partners Gulf Investment Corporation and Global Investment House, we aim to position ourselves to become the number 1 aluminum and glass facade manufacturing company in the Gulf."

Mr Hisham Al Razzuqi CEO of Gulf Investment Corporation said that "We see this investment as a launch pad for the company's further growth into the regional markets. The investment in Alumco's equity fits with our strategy of growing in the GCC region's manufacturing sector by partnering with the private sector."

Mr Shailesh Dash senior VP and head of Alternative Investments Group in Global said that "This investment only indicates our continued confidence in Alumco to become the leading regional supplier of aluminum facades and glass products to the booming Gulf construction markets. Upon the completion of the agreement, Global's managed private equity funds will now hold a total stake of 29.7% in Alumco as it already owns 21.21% of the company."

GIC is a leading investment firm with primary focus on the Gulf region and has assets under management of over USD 9 billion. It is equally owned by the 6 GCC governments and was established to promote development and enhancing the role of the private sector in the GCC countries. GIC has made several investments in the building materials and construction industry in the UAE and other GCC countries. GIC has made investment in Alumco through its 100% owned subsidiary Bitumat Company Limited based in Kingdom of Saudi Arabia. Bitumat is a holding company of several successful building material businesses across GCC.