Shah Rukh Khan inaugurates Jebel Ali Free Zone facility for steel firm Conares
Conares, the second largest private steel manufacturer in the UAE, has inaugurated its pipe mill in Jebel Ali Free Zone.
The new state-of-art facility, installed with an investment of AED100 million ($27 million), now makes Conares a manufacturer of 1 million tonne steel products annually.
Bollywood megastar Shah Rukh Khan inaugurated the new plant in the presence of Mohammed Al Muallem, CEO and managing director, UAE Region - DP World and other senior officials.
Conares is a producer of steel pipes and rebars within the region, and the only private manufacturer in the UAE.
Bharat Bhatia, CEO of Conares, said: “We are proud to launch the pipe mill, which will increase our pipe manufacturing capacity by 250,000 metric tonnes. This mill increases our pipe product range, enabling us to meet the growing demand from the region’s infrastructure development sector.
“We foresee a good demand for our products for the ongoing projects in the UAE, especially the projects related to development to host the World Expo 2020 in Dubai,” he added.
The company plans to produce 20 percent more than last year when it produced 525,000 metric tonnes, adding that turnover exceeded AED1 billion in 2017.
Bhatia added that Conares has already drawn fresh plans for expansion with construction starting on a AED100 million coating mill.
“We have a positive outlook until 2020, and see a good demand within the UAE and the GCC region. The Expo 2020 and UAE Vision 2021 will keep most of the producers busy in meeting the steel requirements. Lately, we also meet enquiries from many countries, which can receive the cargo in maximum three weeks.”