BlueFive takes majority stake in UAE dredging company

BlueFive Capital, an Abu Dhabi-based alternative asset manager, has acquired a 70 percent stake in Gulf Cobla, a UAE dredging and land reclamation company.

As part of the deal, BlueFive Capital will acquire the entire 49 percent stake held by Advanced Dynamics Investments, an affiliate of Saudi Binladin Group, as well as a 21 percent stake from Dubai-based Dutco Group.

Dutco will continue to hold a 30 percent stake in Gulf Cobla, BlueFive Capital said in a statement.

Gulf Cobla, which operates across the Middle East and South Asia, was established in 1977 to carry out Dubai’s Jebel Ali Port project. The company specialises in dredging, land reclamation and associated marine operations, and recent contracts include Jordan’s Aqaba New Port, Male airport in the Maldives, fishery harbours in Oman and Sadr Port in Abu Dhabi.

BlueFive and Dutco are working closely with Gulf Cobla’s management to expand into high-growth regional markets, increase fleet utilisation and create new business opportunities, the statement added.

No financial details were given.

In April, Bloomberg reported that BlueFive Capital was seeking to raise $3 billion to invest in aerospace and defence companies.

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In February, BlueFive Capital launched an aircraft leasing platform targeting regional and international airlines.

Last year, Mumtalakat Holding, Bahrain’s sovereign wealth fund, took a stake in BlueFive.

The private equity company had $4.4 billion in assets under management as of November, according to its website.