Belgian industrial firm Soudal invests in Sharjah's Al Muqarram Industry with eye on exports

Dubai: The construction chemicals company Soudal Group of Belgium is investing Dh213 million for a stake in Sharjah-based Al Muqarram Industry, and which will see a 50 per cent increase in the latter’s capacity in two years.

"From a projected sales revenue growth of about 15 per cent to hit the Dh150 million mark by the close of 2021, we expect to register 20 per cent growth to reach Dh180 million in 2022 driven by the expanded production capacity and a wider product portfolio," said Safdar Badami, Managing Director, AMI.

Over the next three years, exports are expected to increase by approximately 40 per cent, with year-on-year growth of more than 20 per cent in most GCC countries.

Soudal and AMI will have a combined network that spans over 16 countries on four continents, making it one of the biggest construction material manufacturers in the wider EMEA region. AMI is into in the production of sealants, waterproofing products, adhesives, tapes, vehicle care and maintenance items and aerosol sprays.

For its part, Soudal is the largest independent European manufacturer of sealants, adhesives and polyurethane foams. The group has 23 production facilities.