Mitsubishi Acquires AG MELCO Elevator

Mitsubishi Electric Corp. announced it has completed the acquisition of all shares of AG MELCO Elevator Co. LLC, an affiliated elevator company based in Dubai, U.A.E., from Rawafed Almustaqbal Group LLC, a 100% subsidiary of Al Ghurair Investment LLC, making AG MELCO Elevator a wholly owned subsidiary. Mitsubishi is focused on strengthening its elevator maintenance and renewal business, which is expected to see increased demand in the building systems sector. This agreement marks a significant milestone in the longstanding and mutually beneficial relationship between Mitsubishi Electric and Al Ghurair Investment since the establishment of AG MELCO Elevator in 1975. Throughout this time, AG MELCO Elevator has built a solid reputation for its services, primarily operating in the Middle East while also expanding its business across a wide range of regions, including South Asia, Africa and Central Asia.