Vossloh to open office in capital - Emirates24|7

Vossloh to open office in capital

 

Vossloh AG, a leading producer of switch systems and fasteners of railway tracks, will open a regional office in the capital to oversee projects in the UAE and the Middle East region.

Norbert Schiedech, executive board member of the German train-equipment supplier, said they were putting the final touches on the Abu Dhabi office of Vossloh Middle East.

He said the move is aimed at tapping into the business potential in the region's rapidly expanding rail sector.

"There are growing business opportunities in the rail infrastructure market since the UAE has launched ambitious initiatives to build intra-city rail networks across the country as part of a national plan to improve efficiency of the transport sector."

It already has the contract to supply its switch systems to Dubai Metro.

In fiscal year 2007, the global company, whose systems are in use in about 65 countries, generated sales of more than €1.2 billion (Dh6.8bn) and net operating profits of more than €121.5bn. And first quarter sales for this year have been raised by 29 per cent to €344.8 million compared to the same period last year.

Werner Andree, CEO of Vossloh AG, said: "Our solid performance in the first quarter confirms our expectations that we will achieve the ambitious results budgeted for 2008."

Vossloh executives said the company is pressing ahead with its efforts to internationalise business.

The share of non-European sales has already risen from around 13 per cent to just under 24 per cent. And the target is 30 per cent.

The rail business in the Middle East is forecast to grow between 3.5 per cent to 3.7 per cent through 2012, they added, making it the world's fastest growing region. (Wam) the numbers €1.2bn Of sales was seen in the year 2007 24% Is the total share of non-European sales.

 

Comments

Comments