|
 posted
on 28/06/2006
Dr. Sheikh Sultan bin Khalifa Al Nahyan,
Chairman of Hamriya Steel Factory and Sheikh
Khalid bin Sultan Al Qasimi, Chairman of the
Hamriya Free Zone Authority in Sharjah
signed yesterday a contract with the Russian
Metalo Invest Company for building a Dh 370
million steel factory at the zone.
Sheikh Sultan said
the steel factory would be the first of its
kind in the country and will have a total
production capacity of one million tones a
year at the first phase.
'The factory will be
one of the most important projects in the
region for producing reinforcement steel.It
will be built on an area of 112,000 metres
and execution will take 24 months, Sheikh
Sultan added.
'The mill is
expected to tremendously contribute to the
construction and industrial development in
the UAE and neighbouring countries through
meeting local and regional demand for
reinforcement steel , Sheikh Sultan
explained.
According to him,
the Gulf contracting sector is currently
witnessing a huge boom driven by increasing
flow of local and foreign investment.
Studies estimate that investment worth US$
82 billion will be pumped into the
infrastructure, real estate and construction
projects in the Gulf Region over the next
three years.
On his part, Sheikh
Khalid said the Hamriya Zone was ready to
provide all possible assistance to faciltate
the construction of the steel project.
'Such project will
realise the vision of H.H. Dr. Sheikh Sultan
bin Mohammed Al Qasimi, Supreme Council
Member and Ruler of Sharjah of making the
Hamriya Free Zone one of the model
industrial zones in the world,' he said,
adding that the steel factory is a strategic
project of highly added value to the local
and national economy.
The Zones is seen as
one of the world's fastest growing zone.
Last year, it realised a growth of 50 per
cent. (Emirates News Agency, WAM) |
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