Saudi-based Nassir S Al Hajri Corporation (NSH), a major industrial contracting firm, is expanding into the UAE by setting up its first full-fledged office in Abu Dhabi.
The firm, that specialises in oil and gas, power and petrochemical projects plans to recruit 8,000 employees for new refinery work it expects in the UAE capital.
The company, which employs about 50,000 employees across the GCC, anticipates a huge manpower shortage in the region by 2011 - the year it says economic growth would return.
NSH expects to bag $600 million (Dh2.2 billion) worth of projects by next year, said Dr Ravi Pillai, Managing Director of NSH.
The NSH Group is a Saudi Government approved contractor for major companies such as Saudi Aramco, Saudi Basic Industries Corporation affiliates, Qatar Petroleum, the Kuwait Petroleum Company, Khafji Joint operations and Yanbu Petrochemical.
In anticipation of a fast economic recovery in the UAE and a boom in mega projects coming up in the UAE and the rest of the region in a couple of years, Saudi Aramco and Total have awarded NSH projects worth $10bn for a new refinery, said the company recently.
Saudi Arabia is currently implementing projects worth about $40bn and NSH is working on projects worth $3bn. It expects to complete its projects on hand by March 2010, after which it expects a brief lull.
However, NSH expects to increase project volume by 2011 as the major economies, China and India, will revive demand for petrochemical and energy products. NSH will focus on mega projects in the oil and gas and petrochemical industries in the UAE, said Pillai.
Quoting International Monetary Fund, he said the UAE is expected to be among the first to emerge from the global recession.
RP Group is dubai bound
A Saudi Arabia-based Indian businessman says he plans to invest in Dubai's hospitality sector. RP Group of Companies, the parent company of Nassir S Al Hajri Corporation of Saudi Arabia, is looking at buying a few big hotels or hotel chains in the UAE, said Dr Ravi Pillai.
"We are bullish about the UAE tourism and hospitality sector and are looking to buy a few hotels. We are into industrial construction, real estate, travel and tourism and hospitality. We are talking to hoteliers in the UAE for possible acquisition."
The firm's five-star hotel in Quilon, Kerala, India is nearly complete.
By VM Satish
© Emirates Business 24/7 2009
