Abu Dhabi Polymers Park today announced that construction is underway on schedule for its first industrial plot in Mussafah ICADIII.
The first factory will host Bonar Emirates Technical Yarns LLC, a joint venture between Abu Dhabi Basic Industries Corporation (Adbic) and Low and Bonar PLC, the international performance materials manufacturer.
Mohammed Hasan Al Qamzi, Senior Vice-President of Adbic's Abu Dhabi Polymers Park, said, "We are very happy to see the first group of factory buildings being designed and built on time and according to our challenging plans.
"Abu Dhabi Polymers Park is a new concept for the plastics industry in the region focusing on providing value-added services specifically for plastics converters. Since the official launch in June this year, we have had very strong interest from both regional and international plastics converters."
Construction of the factory began in September 2008. The company is planning to construct three more factory buildings for leasing on the same industrial plot in 2009, for which expected investment amounts to more than $27 million. As part of its first phase, the joint venture, signed in April 2008, will set up a manufacturing plant for the production of artificial grass yarn – a fast-growing product segment within Low & Bonar's portfolio.
"This new venture will give us a strong position in one of the largest potential markets for artificial grass and allow us to satisfy the significant growth in global demand. The Middle East is also one of the fastest growing areas for many of our other products," said Paul Forman, Group Chief Executive of Low & Bonar.