Sun Feb 15, 2009

Zabeel Capital acquires 51percent of ASP Access Floors

Diversification of portfolio focuses on quality opportunities and market leaders

Dubai, February 15, 2009: Zabeel Capital, the wholly owned investment arm of Zabeel Investments, announced that the company has acquired a 51 percent stake of ASP Access Floors operations in the UAE, which have responsibility for the company`s operations in the Middle East and Asian markets. Founded in Australia, the company specialises in the manufacture, installation and supply of turnkey raised flooring solutions across the globe.

In an industry where the business community in general, and specifically property developers, are looking to acquire or handover quick premium commercial space, the partnership between Zabeel Capital and ASP Access Floors can offer the investor a new fast solution through the manufacture and installation together in a one stop process.

Jbran Rahal, Managing Director for Zabeel Capital, commented: "Despite the downturn in residential property projects, we see that the development of new commercial space and the growth of ‘economic’ cities here and across the Middle East will help to expand ASP Access Floors in to new markets, growing the brand organically in the region and abroad. The diversification of Zabeel Capital`s equity portfolio, allows us to tap different industries, as well as avail of new technologies that bring synergy to our group of businesses."

With the commercial gross leasable area still expanding despite current market situations, Dubai alone is a valuable prospect for ASP Access Floors. Qatar is another market with strong potential with commercial GLA has doubled in the last three years, while Bahrain and Abu Dhabi also show significant growth of commercial real estate.