In line with the Group’s strategy to reinforce its local presence in integrated client solutions for a zero-carbon transition, ENGIE, which already owns 50% of CBFM, acquires the share that BESIX holds (50%). ENGIE becomes the only shareholder of CBFM, which will be rebranded ENGIE Cofely.
Established in 2008 as a partnership between ENGIE and Belgian construction group BESIX, CBFM is a major client solutions and energy services provider, with 2000 employees operating in the UAE, in Qatar (with its partner Mannai) and in Oman (with its partner Daud) on many landmark sites such as the Dubai Mall, Abu Dhabi’s Zayed University and the Qatar Foundation.
This acquisition is the result of ENGIE’s strategic ambition to become the world leader in zero-carbon transition, developing energy-efficient assets, putting in practice a unique integrated approach and accelerating the company’s growth across a broad spectrum of services.
For Paulo Almirante, ENGIE Executive Vice-President & Group Chief Operating Officer, “this move is strategic to ENGIE in the Middle East, because it provides direct access to the clients’ needs. It integrates into our portfolio a technical services team with a strong local reputation and provides a robust platform for future development in the region”.
ENGIE has been present across the Gulf Cooperation Council countries for over 20 years and has established its position as a leader in power and water production, with a total gross portfolio of 30 GW of power and over 4.5 million cubic meters per day of desalinated water. Globally, the Group employs 100,000 people devoted specifically to energy efficiency.
ENGIE and BESIX agree that their shared success in CBFM has demonstrated the strength of their ten-year partnership in the GCC region, and they will continue to explore regional opportunities to join forces for sustainable success.