Tuesday, Nov 07, 2006
BEIRUT (Zawya Dow Jones)--Pakistan-based Descon Engineering Ltd. will set up a new engineering consultation firm in Abu Dhabi with a capital of 100 million U.A.E. dirhams ($27.22 million), the UAE-based Al Ittihad daily reported Tuesday.
The paper quoted Youssef Noueiss, Descon's agent in the Emirates, as saying the company partnered with Italy's Technimont to establish the new firm.
According to Al Ittihad, Descon expects engineering construction for the GCC oil sector to remain one of the fastest growing industries in the region and reach 25%-30% growth annually in the next four years in Abu Dhabi, and 50% in Qatar.
Descon Chief Executive Mazhar Uddin Ansari was quoted by the paper as saying the volume of Descon's business in Gulf countries is $350 million, which represents 50% of the company's business worldwide.
Newspaper Web site: http:// www.alittihad.co.ae
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2006 ABQ Zawya Ltd.
(END) Dow Jones Newswires
11-07-06 1053ET
