Company wins AED 18 million project in Abu Dhabi

Dubai, June 20, 2015: LABTEC LLC, a leading player in design, manufacturing, installation and commissioning of laboratory furniture and a part of Masharie - a subsidiary of Dubai Investments PJSC, is targeting 10% year-on-year growth in the next three years, riding on the crest of new healthcare projects in the UAE and Kingdom of Saudi Arabia.

The company's growth goes in line with annual growth projection in the GCC healthcare market, expected to grow at an annual rate of 11 per cent. Investments in UAE healthcare sector has soared from $3.2 billion in 2012 to $11.9 billion in 2015; while Saudi Arabia has new healthcare projects worth over $3 billion under way.

Amidst this growth curve, LABTEC recently won a new contract worth over AED 18 million for the supply and installation of laboratory furniture at The Petroleum Institute in Abu Dhabi. The project involves supply and installation of modular laboratory furniture with specially designed service riser and services spines, capable of accommodating various gases, water, data and electrical services.

The project is scheduled for completion by end of September 2015.

The ISO-9001 certified LABTEC, which operates a 8,000 square metre facility in Sharjah, achieved sales of AED 19 million in 2014 and is also eyeing aggressive expansion across GCC and Asia amidst surging demand for laboratory solutions.

Muhammad Tariq, General Manager of LABTEC, said: "The current spate of new healthcare projects in the GCC states is leading to exponential demand for high-quality laboratory furniture and LABTEC sees this as a great opportunity to further build on its market leadership. The company's expertise in both healthcare and educational spheres augurs well for its growth. The new contracts are a testimony of LABTEC's market reputation and adherence to delivery standards and schedules. We are confident of continuing this growth thrust."

The company recently also won contracts to provide laboratory furniture at Ghayathi Community Hospital project, Al Rahba Hospital project, Rashid Hospital Trauma Center extension, EVA Pharmaceuticals - Egypt, besides supply and installation of laboratory furniture for seven clinics in Saudi Arabia.

LABTEC has also finalized plans to supply the Forest Stewardship Certification [FSC] products in the GCC as part of its green building concepts. The company plans to introduce a unique media ceiling and media column system in laboratories across the GCC designed and produced by Ludi - a Swiss company.

Since its inception in 1981, LABTEC has carved a niche in laboratory furniture & fittings, Fume Cupboards, Special Counters etc. used in the laboratories of hospitals, schools, universities, research centres, industries etc.

About Dubai Investments:
Dubai Investments PJSC is a leading investment company listed on the Dubai Financial Market with over 19,800 shareholders and a paid-up capital of AED 4 billion. Incorporated in 1995, the company has grown exponentially with investments in a number of businesses across three core sectors - real estate, manufacturing & industrial and financial investments across the UAE and the Middle East.

Since inception, Dubai Investments has challenged the norms and introduced cutting-edge technologies, pioneering business models, unique investment strategies and innovative concepts across its diversified portfolio spanning different sectors and markets across the globe. With prudent use of capital and sound management skills, Dubai Investments has acquired over 70 companies and made profitable exits from some of them in the last 20 years.

Dubai Investments currently has over 40 subsidiaries & joint ventures under its portfolio, across a wide array of industries and continues to seek new investment opportunities in new sectors, locally and internationally, as part of its strategic expansion plans.

© Press Release 2015