Riyadh: Italian chemical manufacturer MAPEI Group has acquired a 100% stake acquisition in Bitumat, a KSA-based waterproofing solutions producer.

The acquisition comes in line with MAPEI’s expansion plans in the Middle East region, according to a press release.

A subsidiary of Gulf Investment Corporation (GIC), Bitumat will help MAPEI Group move forward with its expansion plan through its manufacturing plants in Dammam and Bahian, along with its offices and warehouses in Riyadh, Jeddah, the UAE, and Oman.

Veronica Squinzi, CEO of MAPEI Group, said, “With this acquisition, MAPEI Group will strengthen its foothold in the Middle East region, one of the biggest growth markets for us. At MAPEI, our revenue increased by over 37% in 2022, and we made important regional investments in recent years.”

Stefano Iannacone, Regional Director of MAPEI for the Middle East and Africa, stated, "The Bitumat acquisition represents MAPEI Group’s first direct industrial investment in Saudi Arabia, a strategic decision focused on boosting our manufacturing output in line with the Kingdom’s Vision 2030 objective."

“By leveraging MAPEI’s global expertise and Bitumat’s specialised product range, we are poised to enhance our solution offerings to augment development and sustainable infrastructure needs in the region,” Iannacone added.

MAPEI has supplied technical solutions and products to various projects in Saudi Arabia, including NEOM, Riyadh, the Red Sea development, and Heqra preservation.

Established in 1937 in Milan, MAPEI operates 102 subsidiaries across 57 countries with 90 manufacturing plants in 35 nations, employing over 11,900 staff globally.

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