Steel firm Conares plans $54m investment in Dubai factories
1 June 2015
Conares, the second largest private steel manufacturer in the region, has earmarked AED200 million ($54.4 million) to invest in the next five years on manufacturing facilities.
The investment includes the AED100 million expansion of the Conares manufacturing capacity for steel pipes in Jebel Ali Free Zone in Dubai, the company said in a statement.
"The annual turnover of Conares has touched AED1 billion; and as part of Conares Vision 2020, the company has earmarked AED200 million investments in the next five years in diversified manufacturing facilities," said Bharat Bhatia, founder and CEO.
The company said it is increasing its manufacturing capacity to one million tonnes at its facility in Dubai.
The expansion is aimed at serving the domestic market as well as exploring export opportunities. The new line is expected to be commissioned by the fourth quarter of the current year, the statement said.
"This would help us meet the demand for infrastructure developmental activities ongoing in Dubai to prepare for hosting Expo 2020," Bhatia added.
The Conares steel plants in Jebel Ali are spread over an area of more than 1.5 million square feet and currently manufacture steel pipes and rebars.