Conares earmarks AED200m investments
Conares, the second largest private steel manufacturer in the region, has earmarked AED200 million investments in the next five years in diversified manufacturing facilities. This investment includes the AED100 million expansion of Conares manufacturing capacity for steel pipes in Jebel Ali Free Zone, Jafza, in Dubai.
“The annual turnover of Conares has touched AED1 billion; and as part of Conares Vision 2020, the company has earmarked AED 200 million investments in the next five years in diversified manufacturing facilities. This investment includes the ongoing AED100 million capacity expansion. At this stage, all our investments will be made in Jebel Ali Free Zone,” said Bharat Bhatia, Founder and CEO of Conares, in a company press release.
The company said it is increasing its manufacturing capacity to one million tonnes at its facility in Jafza.
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. This would help us meet the demand for infrastructure developmental activities ongoing in Dubai to prepare for hosting Expo 2020,” Mr. Bhatia further said.
The region’s leading provider of downstream steel products celebrated its momentous 25th anniversary at a special ceremony held in the presence of H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority and Chairman of Emirates Group; Salma Hareb, CEO of Jafza and Economic Zones World; Ibrahim Mohamed Al Janahi, Deputy CEO of Jafza and Chief Commercial Officer of Economic Zones World; TP Seetharam, Ambassador of India to the UAE, and other dignitaries and guests.
“Our growth has remained on a buoyant trajectory over the years and this achievement has come with the continuous support and patronage of regulators and partners,” said Bhatia.
The state-of-the-art steel plants of Conares, spread in an area of over 1.5 million square feet in Jafza , currently manufactures steel pipes and rebars. The rebars represent about 20 percent the UAE market share and the pipes cater to 25 percent of the total market demand in the region.
Operational in these two major segments of the steel industry, Conares has grown to be a key manufacturer. Its global and regional presence gives it a competitive advantage in sourcing raw materials.