Factory set to be upgraded in $27mn deal

BUILDING BOOM: Construction Products Holding Company's investment aims to take advantage of a booming industry. (Getty Images)

A Saudi-based company is investing $27 million in buying and modernising a factory in Abu Dhabi as it looks to take advantage of the boom in the local construction industry.

Construction Products Holding Company (CPC) has invested the money in the Techno Cast Precast Factory through its UAE affiliate Construction Products Co.

The move is part of an ambitious plan by the parent company to establish an integrated industrial complex supplying construction and building products in the country.

"The remarkable growth of construction and real estate projects in Abu Dhabi requires large amounts of precast concrete," said Dr Faysal Alaquil, director, business development. "We aim to keep pace with this growth."

CPC-UAE will update the Abu Dhabi factory's production process with advanced equipment in a bid to increase capacity and product quality, he said.

"Production has not yet commenced but production capacity is estimated to reach 100,000 cubic metres per year."

CPC has earmarked a 300,000 square metre site to establish its industrial complex in Abu Dhabi, Alaquil added.

"This new facility will have a precast concrete plant, steel factory, aluminum extrusion factory, glass factory and paint factory. It will also have the required infrastructure for more specialised factories for construction products, which are envisioned in our general strategy."

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