Emirates Extrusion to invest AED13m for new production line

Updated 29 December 2013
0

Emirates Extrusion to invest AED13m for new production line

Emirates Extrusion Factory (EEF), a leading aluminum extrusion company in the UAE and a subsidiary of Masharie LLC — the private equity arm of Dubai Investments (DI), has announced plans to add a new production line at its aluminum extrusion plant in Techno Park, Dubai, entailing an investment of AED13 million.
The new line, to be added by mid-2014, will further augment the production capacity to 6,000 metric tons and will go a long way in bolstering the company’s leadership in the sector.
This new line will boost the production of wooden finish and powder-coated aluminum, which augurs well for EEF amidst surging demand due to the construction boom in the region.
The company, which reported annual turnover of AED190 million in 2012, also unveiled plans to aggressively target the export markets in the wake of burgeoning construction activity across Saudi Arabia, Qatar, Oman, Yemen and Africa.
EEF currently exports nearly 60 percent to 70 percent of its production to various countries across the Middle East and Africa.
Khalfan Al-Suwaidi, EEF managing director, said: “The resurgence of the construction industry across the GCC and beyond is indeed good news for Emirates Extrusion, and we plan to cater to this inherent demand for extruded aluminum through our new production line.”
He said: “Construction takes a major chunk of our business — nearly 80 percent, with the rest being earmarked for industrial downstream projects.”
Al-Suwaidi said: “The new line will not only go a long way in escalating our overall output but also help us offer the most reliable aluminum profiles to the market.”
He said: “At EEF, we will continue to focus on exports in the medium to long-term, as there is a huge demand for our products in growing markets across the GCC, the Middle East, Levant and Africa. We also expect increased demand from the local UAE market following Dubai’s winning bid for Expo 2020, which reflects the immense growth potential on offer.”
According to Frost & Sullivan, a leading business research & consulting firm, the UAE aluminum extrusion market is estimated to be in excess of 175,000 metric tons (MT) which amounts to approximately 35 percent of the total Gulf Cooperation Council (GCC) demand, growing at a compounded annual growth rate (CAGR) of eight to nine percent between 2011 and 17.
Since its establishment, EEF has grown to become one of the Middle East’s market leaders in the development, commercialization and production of high-quality aluminum systems for architectural and non-architectural applications.
The company offers an impressive range of premium-quality, energy-efficient extruded aluminum profiles. EEF offerings include windows, doors, and structural glazing, as well as partition grill, hand rail, and curtain wall systems.


Saudi banks, Dubai shares give Gulf markets a timely boost

Updated 24 January 2019
0

Saudi banks, Dubai shares give Gulf markets a timely boost

  • The Dubai index was up by 0.9 percent with Emirates NBD, its largest bank, adding 2.1 percent and its largest listed developer Emaar Properties gaining 2.2 percent
  • Nasdaq-listed DP World increased 0.7 percent after increasing its stake in its Australia unit

DUBAI: The Dubai stock market snapped a three-day losing streak on Wednesday, boosted by its financial and property shares, while Saudi Arabia rose on the back of its banks.
The Dubai index was up by 0.9 percent with Emirates NBD, its largest bank, adding 2.1 percent and its largest listed developer Emaar Properties gaining 2.2 percent. Gulf Arab economies are expected to grow at a slower pace than previously forecast, a quarterly Reuters poll of economists found, as oil output cuts, lower crude prices and weaker global growth put pressure on regional economies. Amlak Finance rose 2.2 percent after announcing a renegotiation of restructuring terms with its financiers to allow more flexibility in adapting to “current market conditions.” Nasdaq-listed DP World increased 0.7 percent after increasing its stake in its Australia unit.
The port operator will spend at least $250 million buying back some shares in its Australian port terminals unit. Saudi Arabia’s index rose 0.8 percent, with nine out of 10 banks rising.
Al Rajhi Bank was up 0.6 percent and Samba Financial Group closed 1.7 percent higher. Petrochemical investor Alujain added 1.5 percent after an update on the fire at its affiliate’s plant.
The company said it now expects the NATPET plant to start operating all units by the end of September.
The Egyptian blue-chip index was up 0.2 percent with its largest listed bank Commercial International Bank gaining 4.2 percent.
The Egyptian Exchange on Wednesday canceled all transactions made the previous day in local firms Sixth of October Development and Investment Company (SODIC) and Madinet Nasr for Housing and Development (MNHD).
The move followed SODIC’s decision against a takeover of MNHD and involved their shares being suspended on Wednesday as the bourse reset prices. Global Telecom Holding jumped by 10 percent before trading on its shares were suspended, pending a statement from the company after VEON Ltd, a major shareholder in the firm, said it was considering taking it private.