Abu Dhabi-Mubasher: Dubai-based Proclad signed an agreement with the National Industries Park to invest AED 500 million in an expansion plan, according to a press release.
Under the agreement, the solutions provider will develop 1.5 million sq ft of industrial area specialising in products and services related to the oil and gas industry.
Proclad will invest in the new expansion and manufacturing facilities along with its existing investment, bringing the total investments to AED 1.5 billion by end of 2017, according to the company’s CEO Yaseen Jaffer.
The new manufacturing facility expansion will be in two phases, the first of which will be fully operational and produce 50,000 metric tonnes per annum (mtpa) by December 2016.
The second phase will be completed by December 2017, with a production of 150,000 mtpa.
“Proclad is planning further investment in National Industries Park by establishing new factories once the two Phases are fully operational,” Jaffer.
