The Sharaf Group, one of the largest business conglomerates in the United Arab Emirates (UAE), is planning to open a US$272mn cement factory in the Emirate of Fujairah to meet the soaring local and regional demand for cement.
"This project would be a real boost to the local market, especially because the demand is high and the supply from some Asian and Gulf countries are insufficient," comments Yousuf Sharaf, managing director of the Sharaf Group.
Once the first phase of construction is completed, the new the 350,000-sq-m plant, which will be located in Habbab, will produce two million tons of cement per annum, and could double its capacity after the second phase, when new production lines will be added.
Both local and regional demand for cement has been increasing exponentially, fuelled by the construction boom in the UAE and around in the Gulf region.
The Sharaf Group, which has been producing cement for the last two decades, is in talks with strategic investors and international companies to finalise the design and financing of the project, which will last more than two years.
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