NIIC inks key partnership with Baniyas
Amman, July 2, 2010
Amman-based National Integrated Industries Complex (NIIC) said it has signed up Baniyas Investment and Development Company, a leading organisation based in the UAE as its new strategic partner in the industrial complex.
A first of its kind industrial complex in the Middle East, NIIC said the partnership offers 15 per cent of its overall capital to Baniyas.
As per the agreement, 57 per cent of the capital shares will be held by Middle East Complex- the Jordanian partner, 28 per cent will go to National Holding Company- Emirates partner besides the 15 per cent share of Baniyas Investment and Development Company.
The strategic partnership comes at a time when NIIC is in its final preparation stages of the project, through the inauguration of the production lines and the start of the trial production process after importing quantities of raw material with special specifications and high quality, said a top official.
“We at NIIC welcome our new strategic partner Baniyas who is amongst the most important and powerful companies in the Arab world. Our partnership with Baniyas is definitely an important addition to us and we all hope to harvest the success of such an investment in the near future,” remarked NIIC chairman Osama Darwish Al Khalili.
Baniyas was established in 2005, as an investment, development and real estate management company; it is now recognized as one of the most prominent and fast progressing companies in the UAE.
In a short period of time, Baniyas was able to prove it’s proficiency by taking on a large number projects and investments.
The company now owns a number of important projects such as Bawabat Al Sharq which is located at Bani Yas City in Abu Dhabi, with an investment value of Dh3 billion in addition to other residential projects in Abu Dhabi and a series of projects in Syria, Lebanon and Egypt.
Speaking on the new strategic alliance, Wael Al Tawil, CEO of Baniyas Investment and Development Company, said; 'NIIC is an important project that holds great promises for a new chapter in the world of home electronics and electrical appliances.'
'Its establishment during the current financial environment, and considering NIIC’s high-quality specifications and scale, confirms it as a first class project that deserves our full participation and support,' he noted.
Mashhour Al Basha, chief executive officer of (NIIC), said “NIIC was established after a process of detailed studies by our team. These studies presented the consumption volume of the main markets in the Mena which exceed 17.5 million units of refrigerators, washing machines and air conditioners.'
'We have prepared practical strategies that will enable us to take over 3 per cent of the volume of these markets by the fourth year of the factories operations; at such time where the production power of the factories is estimated to reach 700 thousand electronic and electrical units in a consecutive year in one shift,' he added.
NIIC’s initial investment which reached $200 million and was constructed with an elevated level of technical support, is considered to be the largest integrated industrial complex for the production of home electrical and electronic appliances in the Middle East; it is built on a 200,000 sq m of land in Amman.-TradeArabia News Service