The Dubai-based KBW Investments has partnered with French technology company Ascorel Group to facilitate the sale, implementation and distribution of Ascorel’s technologies dedicated to the heavy machinery segment in the Middle East.
The agreement to launch Ascorel Middle East was signed this week by Francis-Pierre Lemahieu, president of Ascorel Group, and Ahmed Alkhoshaibi, group CEO of KBW Investments, which is founded and chaired by Prince Khaled bin Alwaleed bin Talal of Saudi Arabia.
“The partnership builds on a long-standing and mutually successful relationship between our two entities. Raimondi Cranes, acquired by KBW in 2014, has worked closely with Ascorel for many years with regard to the application of the company’s construction safety solutions. The integration of Ascorel technologies into the Raimondi Cranes framework has given us ample experience with the company, and has allowed us to confidently unite for this new venture that targets the Middle East,” said Alkhoshaibi.
“Ascorel’s range of products, services and after-sale attention will now be made available to the MENA region through the establishment of Ascorel Middle East. The partnership with KBW Investments will allow for greater international reach and market penetration, given the company’s strong regional foothold and diverse presence in the construction and manufacturing sectors,” said Jean-Yves Billon, CEO of Ascorel and Ascotronics Group.
Ascorel Middle East will commence operations in August, and will be based out of KBW Investments’ headquarters in Dubai.