Bollywood megastar Shah Rukh Khan inaugurated the new Conares plant in the presence of HE Mohammed Al Muallem, CEO & MD, UAE Region - DP World and other senior officials.
Conares, a UAE-based manufacturer of steel pipes, has opened a $27.2 million factory in Jebel Ali Free Zone.
The new facility will increase Conares’s manufacturing capacity to 1 million tonnes of steel products a year.
The company expects to see strong demand for its products as the UAE gears up for Expo2020 and implementation of Dubai’s Vision2021, according to Bharat Bhatia, CEO of Conares.
“We foresee a good demand for our products for the ongoing projects in the UAE, especially the projects related to development to host the World Expo 2020 in Dubai,” he said.
Conares plans to produce 20 per cent more steel products this year compared to 2017 and aims increase its revenue by 30%. In 2017 the company produced 525,000 metric tonnes of steel products and generated revenue of more than AED 1 billion ($272 million)
Conares is also planning further expansion and has already started construction of a continuous colour coating mill at an estimated investment of AED 100 million ($27.2 million). “We expect to commission this plant soon with commercial production expected to begin in the last quarter of this year,” Bhatia said.
Conares, which is the only privately owned producer of steel pipes in the UAE, exports products to other GCC countries and the rest of the world. The firm’ exports to the US account for almost 15 per cent of its total production.
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