Dubai : Toshiba Elevators plans to double its sales in the Gulf region in the next five years, Shunichi Kimura, global president and CEO of Toshiba Elevator and Building Systems Corporation, said in Dubai yesterday.
Outlining the company's strategic expansion in the Gulf and India, Kimura said the UAE has demonstrated strong signs of recovery, as reflected in new contracts won by Toshiba Elevators. He said the company expects to execute projects worth over Dh300 million in 2010-11 in Dubai and Abu Dhabi. Several more projects are in the bidding process.
Abu Dhabi has emerged as the key market for Toshiba Elevators. Last year the company completed projects worth over Dh100 million in Reem Islands' Marina Square, involving 126 elevators in 13 towers. This year Toshiba Elevators has won a new order worth Dh140 million in Reem Islands' City of Lights covering more than 22 towers.
Confidence in UAE
"Toshiba Elevators has been active in the UAE for the past five years, and has done quite well, having executed projects worth more than Dh300 million," said Kimura. "We have tremendous confidence in the UAE and its leaders, who have transformed this country beyond recognition. We are sure in less than five years, this place will boom again."
Speaking about the regional expansion, Kimura revealed that talks were in final stages with a partner in Oman to launch operations there, and an announcement would be made very soon. Plans are also on to open offices in Saudi Arabia and Qatar with local partners. As for India, talks are going on with large industrial houses for a possible tie-up to bidd for projects.