Madar plans investment of Dh200m
Building materials firm Madar said yesterday it has invested Dh300 million in the UAE and plans to spend Dh200 million more on building its business support facilities by 2008.
Madar Emirates for Building Materials Company, a subsidiary of Al Fozan group of Saudi Arabia, supplies steel and wood for the construction industry in the country.
It achieved a turnover of Dh150 million in 2006, Madar Holding chief executive officer Sameh Hassan told GulfNews.
He said sales will grow “substantially” this year as the company has expanded in the UAE.
“So far we have made investments of Dh300 million. We will be investing Dh200 on new facilities in the next 12 to 18 months,” Hassan said.
The company operates a distribution centre in Dubai Investments Park and recently finished work on a steel fabrication yard in the city.
The planned facilities include a manufacturing unit and warehouses.