Dubai: Japan’s M-TEchX has signed a $500 million (Dh1.8 billion) deal with UAE-based BNP Group for setting up an advanced nanofiber production plant in Jebel Ali, Dubai.
The plant, which will be operational by late 2022, is expected to generate crucial employment for hundreds, said the company in a statement. “The nanofiber plant will also impart vital knowledge transfer to UAE-based operatives, enabling them to start their own locally sustainable nanofiber business and creating all-round employment opportunities while contributing substantially to the ‘Made in the UAE program’.”
M-TEchX invented ‘Magic Fiber’, a special nanofiber which has varied uses around the globe, including regenerative medicine. The company claims the product is safe for medical use as it does not contain harmful substances, such as formaldehyde, arsenic, mercury, or chromium.
Magic Fiber made its first-ever appearance in the Middle East when the super material was showcased prominently at the PLANET JAPAN by M-TEchX exhibition organised by M-TEchX at Dubai Exhibition Centre, Expo 2020 site. MTEchX signed several important deals at the exhibition, with attending Japanese companies, apart from partnership agreements with BNP Group and Sheikha Mouza Investment and Consulting, for regenerative medicine and Japanese food and culture.
“Due to our presence at the exhibition we were able to have very practical discussions with BNP Group and Sheikha Mouza Investment and Consulting, our local partners, involving the setup of our cutting-edge nanofiber technology plant in the UAE,” said Hiroyoshi Sota, CEO of M-TEchX.