Saudi Prince buys 50% stake in Romanian engineering company

Dubai-based company KBW Investments, owned by Saudi businessman Prince Khaled bin Alwaleed (photo, right) has bought a 50% stake in Arcadia Engineering, an engineering firm with operations in Romania and Brazil. The transaction was finalised on Wednesday, November 19. Prince Khaled bin Alwaleed, founder of KBW Investments, was named Chairman of the Board of Arcadia Engineering, while Romanian engineer Florin Nistor Chinole (photo, left), the founder and partner of Arcadia Engineering, remains CEO. “I envision the upsurge of a new powerhouse of engineering, architecture and project management services in the Middle East,” Prince Khaled bin Alwaleed said, in a press statement, referring to Arcadia’s upcoming expansion plans for Saudi Arabia, Qatar and the UAE. With KBW’s investment, Arcadia is positioned for substantial growth in the Middle East and South America in its core areas of engineering, architecture, design, consultancy, and project management services for the construction and manufacturing industries. “Building on more than a decade of experience in the European market, and a consistent record of timely delivery of high quality architecture and customized construction solutions, I am excited about the opportunities Arcadia brings to the KBW portfolio, and to the region at large,” Prince Khaled bin Alwaleed added. Some of Arcadia’s most important recent projects are the concept design for the rehabilitation and modernisation of the Mihai Flamaropol Ice Rink in Bucharest, the technical project for the Mega Mall shopping center in Bucharest and the design and construction management of the PetroCity Port Terminal in Brazil. Arcadia Engineering SRL has 30 employees and made a turnover of EUR 780,000 in 2013. In 2012, the company’s turnover was EUR 3.3 million. Arcadia also has offices in Dubai and in Brazil. KBW Investments is an investment company owned by Prince Khaled bin Alwaleed which focuses on growth opportunities in the Middle East, South America and Europe. The company’s current portfolio includes investments in the manufacturing, construction, engineering, energy and technology sectors. Prince Khaled bin Alwaleed is the son of Prince Alwaleed bin Talal, a member of the Saudi royal family, and one of the richest men in the world, with a net worth estimated at USD 21.7 billion as of November 20, 2014, according to Forbes. editor@romania-insider.com