DUBAI, Oct 12 (Reuters) - Emaar Industries & Investments, said on Thursday it agreed with Hyundai Heavy Industries Co. Ltd. to bid jointly on projects to provide aluminium cladding for buildings to tap a Gulf Arab construction boom.
Emaar properties , the largest Arab real estate developer by market value, owns 40 percent of Emaar Industries.
Multiforms, a unit of Emaar Industries, joined with the Hyundai subsidiary, Hyundai Aluminium, to bid for a 180 million UAE dirham project to provide aluminium cladding for a buidling in Dubai before considering other projects in the emirate and Gulf Arab countries, Ahmad Khayyat, chief executive of Emaar Industries, told reporters.
"The idea of the venture is to be able to provide for more complex, higher engineering projects in Dubai and the region," Khayyat said.
South Korea's Hyundai Aluminium will supply semi-manufactured aluminium and give engineering services, said Khayyat. Multiforms controls 51 percent of the joint venture.
Office space in Dubai is growing at an annual rate of 42.5 percent and the Gulf emirate has more commercial property units under construction than any other place in the world except Moscow, according to a study by property services consultants Colliers International. ADVERTISEMENT
Emaar helped set up Emaar Industries in June last year to invest in industrial projects.
It is in talks with Arab and European companies to create an $800 million venture to build oil and gas pipelines, Khayyat said, declining to identify the potential partners. He expects agreement by the end of next year.
豫公网安备41010502003434号