Six new factories are to be opened in Al Ain this year by the Construction Products Holding Company (CPC), a senior executive has revealed.
"CPC is one of the Middle East's largest building material companies," Dr Faisal Ibrahim Al Sulaiman Al Aqeel, Director of Business and Administration Affairs Development, told Emirates Business at the Abu Dhabi Economic Forum.
"The CPC has factories in the UAE, Saudi Arabia, Egypt, Syria, Senegal and Algeria and will soon open new companies and factories in Qatar and India.
"The company has a building material factory at ICAD 1 in the Mussaffah, Abu Dhabi, which started production some months ago. In addition six new factories are being built at Al Ain and are due to be completed this year, with production starting by December," said Al Aqeel.
The six factories would cost $200 million (Dh7.34m) and include a ready-mix cement works and glass and steel plants. "The six factories are located at a large industrial compound belonging to the company," added Al Aqeel. "The company has other plans to expand in Abu Dhabi due to the attractiveness of the market.
"CPC sees Abu Dhabi as an important market. Abu Dhabi's situation is much better than that of any another country in the region and its market is one of the region's best. It needs many new building material factories to meet the market's requirements.
"In addition, Abu Dhabi does not have any liquidity problems and it has infrastructure projects along with giant property projects that will require the construction of large building material factories over the next seven years.
"We have strong relations with national and foreign banks and finance is available, there is no problem. We also enjoy strong support from Abu Dhabi's government bodies and are going ahead with the expansion of our projects."
CPC is a joint stock company that was initially set up in Saudi Arabia. The Bin Laden Group owns 49 per cent of the capital.
"CPC purchased a large piece of land in Egypt and has built many factories on it. It is building Senegal International Airport and has 17,500 members of staff – and this figure is due to reach 20,000 by the end of the current year.
Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.