A state-of-the-art steel facility will be set up in the UAE following steel industrialist and Conares CEO Bharat Bhatia obtaining a formal approval from Dubai FDI, a part of the Department of Economic Development in Dubai, for 100 per cent ownership of business operations in the UAE’s mainland.
Bhatia, who has been active in the UAE’s industrial sector for more than 30 years, said in a statement that the approval is in line with UAE Government’s recent initiatives to promote business activities with foreign investments in the mainland, said a statement. The UAE Government offers FDI permission for business ownership in the mainland for a variety of sectors and economic activities.
Bhatia obtained the licence under the FDI regulations and has committed to invest in a major steel facility with a capacity to manufacture 100,000 metric tonnes of steel.
The new plant will manufacture products catering to increasing demand of infrastructure-development projects in the Middle Eastern region. This will help reaching out to projects across the UAE, GCC and other Arab countries promoting the ‘Made in UAE’ product range, the statement said.
Bhatia said: “It feels great to hold Dubai FDI licence to own an industrial manufacturing unit in the UAE’s mainland. After residing in the UAE for more than 30 years, this adds massive value to my business, and we hope to contribute more to the economic growth. I am thankful to the Government of UAE and Government of Dubai for their constant support and trust in the industrial sector. This will allow us to operate on a larger scale across the Arab region.”
“I am thankful to HH Sheikh Khalifa bin Zayed al Nahyan, President of the UAE; HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai; HH Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces for their vision to transform UAE to a manufacturing hub in the region. The rulers of UAE and the government institutions have provided the atmosphere to encourage business growth, that makes investors like me proud to be a part of this country’s evolution,” he added.
“We are amongst the top steel manufacturers operating 24x7 to serve the upcoming projects in the region. Our operations are well aligned with the region’s requirement for infrastructure development and keeping in mind the vision of UAE and Dubai Vision 2021. We foresee a good demand for our products for ongoing and upcoming projects in the UAE,” Bhatia said.
“Our product is used in a wide number of major projects in the UAE, including Etihad Rail and the prestigious Expo 2020. I also expect the UAE Government’s announcement of new projects in different sectors. Local industries would be more prepared to align their business operations with the expectation of newer projects.”
According to Bhatia, the industrial sector is the backbone for any economy in the world. Industries create innumerable employment opportunities in line with the business evolution, infrastructure investment, increased consumption and individual purchase power resulting in greater economic growth.
“The business of trading and re-exports is slowly fading out. Value addition is the only way forward. I believe that the new FDI regulations will attract new breed of investors to set their businesses here. With the government safeguarding industrial interests, more industries shall be encouraged to come forward and set up their units. This will help to make the ‘Made in UAE’ brand reach new heights, and export the products manufactured in the UAE to be well recognized across the globe,” he concluded.
