DUBAI: Alumco LLC, the UAE-based specialized aluminum facade contractor and major glass processor, and Saudi Arabia-based Construction Products Holding Company (CPC) announced on Sunday the signing of an MoU to set up a new aluminum extrusion factory in Algeria.
The MoU was signed at the Alumco headquarter in Dubai Investments Park, by Samer Barakat, managing director of Alumco LLC, and Mu’taz El Sawwaf, CEO of CPC represented by Ayman Nowailati, during an official ceremony attended by senior executives of the two companies.
The project will involve investment to the tune of AED100 million and capital will be raised equally by both Alumco and CPC. The new factory, spread over 100,000 square meters, will have an initial production capacity of 50,000 tons per year, revealed Barakat, and work on the project is expected to start within six months from the signing of the MoU with completion due within nine months to one year.
Barakat added: “This is a significant step for Alumco. We are moving in the right direction, and at the right pace, to seek more growth. We have consolidated our position in recent years and time has come for us to look beyond the UAE and the region, to conquer new frontiers. As soon as the new plant in Algeria becomes a reality, we will be a force to reckon with in the southern European market.
Barakat gave a peek into Alumco’s future strategy when he said: “Fifty percent of the production in the new factory will be earmarked for the Algerian market and the rest will be utilized to meet the burgeoning demand in the neighboring countries and within Africa.”
Nowailati expressed the hope that the partnership will be mutually beneficial and highly rewarding. He added: “We, at CPC, are immensely proud to team up with Alumco. The Algerian venture is a totally exciting project. It has its own challenges and our logistics team is prepared to complete the project in record time, utilizing our supply chain, deep resources and unmatched expertise.”
