Fecon and Vault seal partnership

June 08, 2015 | 06:06

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Fecon Foundation Engineering and Underground Construction, a leading contractor in Vietnam, and the UAE-based Vault Investments formed a strategic partnership last week.

Vault is the investment fund arm of Nakheel, best known for its iconic portfolio of land reclamation projects, including the Palm Islands, the Dubai Waterfront, the World, and the Universe islands. The partnership between Fecon and Vault Investments comes two months after the Vietnamese firm met Nakheel executives in Dubai.

“Following expos and trade promotion events in the UAE, Fecon set up its own representative office in Dubai in early 2015. These are the first bricks to build trust between the two companies for opportunities in both markets,” said Sultan Ali Rashed Lootah, managing partner of Vault Investments.

Under the terms of agreement, Fecon will be the Vietnam-based project developer for Vault Investments. In turn, the Middle East fund will elevate Fecon’s operations in Dubai, as well as bridge investments from the UAE companies into Vietnam.

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