(MENAFN- Khaleej Times) The Dh200 million investment includes the ongoing Dh100 million capacity expansion in Jafza.
Salma Hareb Ibrahim Mohamed Al Janahi Shaikh Ahmed bin Saeed Al Maktoum and Bharat Bhatia attending Conares’ 25th anniversary celebrations in Dubai. Supplied photo
Dubai: UAE-based steel company Conares has earmarked Dh200 million for investment in diversified manufacturing facilities at Jebel Ali Free Zone (Jafza) in the next five years.
This was announced by Bharat Bhatia founder and CEO at the company’s 25th anniversary celebrations. The event was also attended by Shaikh Ahmed bin Saeed Al Maktoum President of the Dubai Civil Aviation Authority and Chairman and CEO of Emirates airline and Group.
The annual turnover of Conares has touched Dh1 billion. The Dh200 million investment includes the ongoing Dh100 million capacity expansion in Jafza.
The Jafza facility currently manufactures steel pipes and rebars. Conares’ production of rebars account for 20 per cent of the UAE’s market share while its pipes cater to 25 per cent of the market demand in the region. Operational in these two segments of the steel industry Conares has grown to be a key manufacturer. Its global and regional presence gives it a competitive advantage in sourcing raw materials.
“Our growth has remained on a buoyant trajectory over the years. We are on track to complete a Dh100 million expansion of Conares’ manufacturing capacity for steel pipes in Jafza. The expansion is aimed at serving the domestic market as well as exploring export opportunities” Bhatia said.
“The new line is expected to be commissioned by the fourth quarter of the current year. This would help us meet demand for infrastructure developmental activities ongoing in Dubai to prepare for hosting Expo 2020” he added.
T.P. Seetharam Indian Ambassador to the UAE; Salma Hareb CEO of Jafza and Economic Zones World and Ibrahim Mohamed Al Janahi deputy CEO of Jafza and chief commercial officer of Economic Zones World also attended.
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