UAE - Mubasher: Dubai FDI, a part of the Department of Economic Development in Dubai, has approved the 100% ownership of business operations in the UAE for Bharat Bhatia, CEO of Conares Metal Supply Limited, a UAE-based manufacturing facility.
Under the FDI regulations, Bhatia has obtained the license to operate a state-of-art steel facility with a capacity to manufacture 100,000 metric tonnes of steel, according to a press release on Tuesday.
The new plant will meet the increasing demands of infrastructure development projects in the Middle East region and promote the 'Made in UAE' products by reaching out to projects across the UAE, GCC, and other Arab countries.
Obtaining the FDI approval is in line with the UAE government's initiatives to provide business ownership in the country in several sectors and economic activities to increase foreign investments in the UAE.
Bhatia noted: "After residing in the UAE for more than 30 years, this adds massive value to my business, and we hope to contribute more to the economic growth."
He added: "Our product is used in a wide number of major projects in the UAE, including Etihad Rail and the prestigious Expo 2020. I also expect the UAE Government’s announcement of new projects in different sectors."
