Feb 10 2006 |
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Switzerland's Holcim enters UAE market
ZURICH, Feb. 10, 2006 (WAM) -- The Swiss cement giant Holcim announced yesterday that it had entered the fast growing United Arab Emirates market, acquiring a 25 per cent stake in a local firm.
Holcim did not disclose the cost of its investment in the National Cement Factory company, which is based in Abu Dhabi.The firm was founded last year by the Emirates International Investment Company and other local investors in order to build a grinding station in Abu Dhabi, Khaleej Times quoted Holcim as saying.When the factory comes on stream early in 2007, it is expected to have an annual capacity of more than two million tonnes of cement, it added.The partnership with important local investors provides a strong basis for future growth, Holcim said.The Swiss group has the option of increasing its stake after the first full year of production, it added.This will provide Holcim with a strong import position in the UAE, the group said.Zawya Comment Policy
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