Cable maker Ducab plans to tap into markets in Africa and US
UAE cable maker Ducab plans to increase its exports to new markets in Europe, Africa and the US amid higher demand for its products, according to its chief executive.
“We continue to have our focus on expanding the reach of the products we have,” Mohammed Al Mutawa told The National at the Water, Energy, Technology and Environment Exhibition (Wetex), which started in Dubai on Tuesday.
The company recognises a wealth of potential in the European market in the future as the region’s shift “from traditional power to renewable energy is creating new opportunities”, he said.
Countries across the world are developing renewable energy projects to reduce emissions and protect the environment, which is creating new demand for different products.
Ducab, a subsidiary of Abu Dhabi’s industrial holding company Senaat, exports 70 per cent of its products while the UAE accounts for 30 per cent of sales.
Currently, the GCC region, together with the UAE, the UK and Australia are its biggest markets.
“We are always looking for opportunities to expand: either [by opening a] manufacturing facility or opening our branch offices abroad,” Mr Al Mutawa said of the company’s expansion plans.
But he did not reveal where Ducab planned to open new units. It currently has six manufacturing units in the UAE.
The company also aims to be an important contributor to the ‘Operation 300bn’ initiative unveiled by the UAE government this year.
“The initiative [Operation 300bn] is at the centre of our near-future strategy to provide a platform that will help in achieving that goal,” Mr Al Mutawa said.
The UAE plans to more than double the contribution of the industrial sector to the country’s overall economic output from Dh133 billion to Dh300bn by 2031.
Ducab posted a 36 per cent higher profit last year compared with 2019, despite the pandemic and hopes to maintain similar growth levels this year, said Mr Al Mutawa, who is the first Emirati chief executive at the company.