By Alison Luke
Australian air conditioning giant Hastie Group has set up shop in Dubai through a joint venture with Al Futtaim Engineering. The company will undertake air conditioning installation projects across Dubai and may also target opportunities in Abu Dhabi and the wider region.
Australian air conditioning giant Hastie Group has set up shop in Dubai through a joint venture with Al Futtaim Engineering.The company will undertake air conditioning installation projects across Dubai and may also target opportunities in Abu Dhabi and the wider region.
Work on the joint venture’s first design-and-construct project, with an estimated value of US $15 million (AED55 million), is expected to begin in the second quarter next year. Hastie will have a 60% stake in the Al Futtaim partnership.
Al-Futtaim Hastie’s projects will be at Dubai Festival City, a 650 hectare, multi-billion dollar mixed-use development owned and developed by the Al-Futtaim Group.
The joint venture will target contracts to install air conditioning systems, together with related mechanical, electrical and plumbing services, in new buildings including luxury hotels, high-rise commercial and residential complexes and retail malls.
Managing director Jerry Maycock said: “Al-Futtaim Hastie combines the local knowledge, product portfolio and project access of Al-Futtaim Engineering with Hastie’s experience of major air conditioning projects.
“Its formation follows nearly twelve months’ market investigation and preparatory work since we established an initial presence in the United Arab Emirates.”
He added: “Hastie now has over 20 engineering and design staff working in, or committed to, our UAE office and this number will increase significantly during the coming months, supported by existing engineering resources in Australia.
“Some of these staff are working exclusively on Al-Futtaim Hastie projects, and the others will focus on further opportunities in Dubai and other Gulf states.”
Hastie Group’s 2006 annual results will be released on 5 September 2006.
The Group has grown over 35 years from a Sydney air conditioning business into the leading commercial and industrial air conditioning and refrigeration systems group in Australia and New Zealand, with subsidiaries also active in the UK and the United Arab Emirates.