Conares, the second largest private steel manufacturer in the UAE, on Wednesday announced the inauguration of its Dh150 million ($40.84 million) colour-coated steel plant in Jebel Ali Free Zone (Jafza), Dubai.
The new facility is developed within Conares' premises in Jafza South, which spans an area of 100,000 square metres, Dubai Government Media Office said in a statement.
“Conares is one of the entities driving the success of this [construction] industry,” Sultan Ahmed bin Sulayem, group chairman and chief executive of DP World, one of the world's largest port operators, said.
“This new facility will add further value to the sector’s offerings to the local, regional and international markets. We are proud to support such organisations through our advanced facilities, and unmatched multimodal connectivity,” Mr Sulayem said.
Conares is the only private steel manufacturer in the UAE with four distinct product verticals. Exporting products to 26 countries across six continents, the company’s assets are currently estimated to be valued at Dh2.5 billion.
Since its inception in 1988, the company has been focused on steel trading. It initially built its business in the UAE through trading and re-exporting steel, supplying pipes and rebar to the UAE’s construction sector. In recent years, it has built a rebar factory and pipe mills in Jebel Ali.
“We are among the top steel manufacturers operating 24x7 to serve the coming projects in the UAE,” Bharat Bhatia, chairman and chief executive of Conares, said.
“We have aligned Conares with the region’s requirement for infrastructure development, in line with 'We the UAE 2031’ vision … we foresee a good demand for our products for continuing and coming projects in the UAE,” Mr Bhatia said.
With the new plant, the company expects its revenue to increase yearly by 10 per cent to 15 per cent gradually. It is also aiming to increase its dispatch capacity by 5 per cent to 7 per cent this year.
The colour-coated steel plant, with a capacity to produce 100,000 metric tonnes of galvanised steel coils, strips and sheets each year, will cater to the increasing demand in the Emirates and the region, the statement said. It will also manufacture products for export.
Conares aims to increase its manufacturing capacity to up to three million tonnes by 2030.
