Al Fa­jar Al Alamia sets up new JV firm in UAE

Muscat Daily - - BUSINESS -

Al Fa­jar Al Alamia Co an­nounced that it has suc­cess­fully formed a new com­pany Geo­dy­nam­ics Mideast LLC in Fu­jeirah, UAE.

Al Fa­jar Al Alam­ica has a share­hold­ing of 49 per cent in the newly formed com­pany while the lo­cal Fu­jeirah in­vestor holds the re­main­ing 51 per cent, Al Fa­jar Al Alamia said in a fil­ing to the Mus­cat Se­cu­ri­ties Mar­ket on Wed­nes­day.

The new com­pany will oper- ate in the field of ex­plo­sives man­u­fac­tur­ing and trad­ing of com­mer­cial ex­plo­sives (civil pur­poses) in the UAE. It will start es­tab­lish­ing plants and stor­age fa­cil­i­ties in Fu­jei­irah in the fi­nan­cial year 2017-2018 and ex­pects to start com­mer­cial op­er­a­tions by June 2018.

‘The man­age­ment of Al Fa­jar Al Alamia feels that this new com­pany will pro­vide greater ben­e­fits within the group and will pro­vide more op­tions to spread our wings in other coun­tries’, Al Fa­jar Al Alamia said.

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