Al Fajar Al Alamia sets up new JV firm in UAE
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.