Dubai-based firm Target Engineering is to be acquired by Alec Engineering, part of the Investment Corporation of Dubai (ICD) sovereign wealth fund. Alec announced on 20 December that it has signed a share purchase agreement to acquire Target, which is working on a number of major energy sector projects in Abu Dhabi, including portions of the 1.5mn t/y Borouge 4 cracker, an offshore gas processing plant on Zakum Island, and Package B of the offshore Dalma sour gas development.

Alec says the combined entity “will have a joint turnover of close to $2bn.” ICD Deputy CEO Khalifa al-Daboos says the acquisition enables Alec to “enter and fast-track its strategy of becoming a key player in the Middle East oil and gas, and energy and renewables sectors.” (CONTINUED - 125 WORDS)