UAE-based property developer Khuyool Investments has announced plans to launch a Chinese subsidiary that will trade in construction and building materials.
Senior officials from Khuyool Investments, including its Chairman Fahad Ali Mousa, who recently visited China, said they were in discussions with companies to enter into a strategic partnership. “The purpose of the visit to China was twofold. Khuyool Investments is looking to start a Chinese subsidiary that will trade in building materials, in addition to a reliable construction company with which to partner and develop projects,” said Mousa.
A recent visit to China by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, resulted in strengthening of trade ties between the countries. Like Dubai, construction activity in China is at a record level.
China, according to reports, is currently supplying close to one-third of the building materials being used across the country.
“There is a massive demand for construction materials in the UAE and the Gulf. The subsidiary’s main focus will be on global trading of in-demand building materials,” said Mousa.
“Our idea is to take advantage of the potential in the construction material business and also ensure a steady supply of construction materials and machineries for our own developments,” said Mousa.
The firm plans to launch mixed-used projects in Dubai by the end of 2009.