MAPEI Group, the world’s leading Italian manufacturer of chemical products for use in the building industry, announces its 100% stake acquisition in Bitumat – a leading manufacturer of waterproofing solutions in the Kingdom of Saudi Arabia (KSA). The acquisition marks a significant milestone for MAPEI Group as it bolsters expansion plans to strengthen its presence in the Middle East region.
Speaking on the acquisition Veronica Squinzi, CEO of MAPEI Group said, “With this acquisition, MAPEI Group will strengthen its foothold in the Middle East region, one of the biggest growth markets for us. At MAPEI, our revenue increased by over 37% in 2022, and we made important regional investments in recent years.”
Wholly owned and developed by Gulf Investment Corporation (GIC), Bitumat’s extensive reach will enable MAPEI Group to tap into key source markets, aligning with its expansion strategy in the region. Bitumat’s infrastructure includes its main factory, spanning an area of over 100,000 square meters in the 2nd Industrial City of Dammam in KSA and a manufacturing plant in Bahrain. The leading waterproofing solutions manufacturer has offices and warehouses in Riyadh and Jeddah, and sales offices in the United Arab Emirates (UAE) and Oman. Bitumat’s waterproofing products have been used successfully across numerous Middle East and Africa (MEA) building sites.
Stefano Iannacone, Regional Director of MAPEI for Middle East and Africa stated, “The Bitumat acquisition represents MAPEI Group’s first direct industrial investment in Saudi Arabia, a strategic decision focused on boosting our manufacturing output in line with the Kingdom’s Vision 2030 objective to use locally manufactured materials to support the impressive development KSA is currently undergoing. By leverage MAPEI’s global expertise and Bitumat’s specialised product range, we are poised to enhance our solution offerings to augment development and sustainable infrastructure needs in the region. Dedicated to purposeful growth, MAPEI is committed to addressing industry demands and contributing to the region’s future. Our expansion strategy underscores MAPEI’s commitment to innovation and excellence in the construction sector.”
MAPEI has already supplied its technical solutions and cutting-edge products to numerous projects in Saudi Arabia. These include the futuristic NEOM region, the capital city of Riyadh (the designated Expo 2030 site), the touristic coastal Red Sea development, and the conservation of the historical heritage of the archaeological site of Heqra. MAPEI has also invested into the regional, notably in the UAE, where MAPEI Group operates a manufacturing plant, and a local presence in Saudi Arabia under the name of MAPEI Saudia with 40 staff.
Acquiring Bitumat will enhance MAPEI’s portfolio of waterproofing solutions and increase the Italian multinational’s competitiveness in regional markets extending its footprint to 102 subsidiaries across 57 countries and 90 manufacturing plants in 35 nations globally, with a robust workforce of over 11,900 employees.
