Oryx Industries, a UAE-based building materials manufacturer, is to pump investments worth AED 280 mn into the Arab Gulf and North Africa regions until 2020, Invest-Gate reports.
“The field of manufacturing building materials will witness remarkable demand in the region, according to studies conducted by Oryx Industries in the Arab Gulf region and Egypt,” Oryx Industries’ Chairman Abdullah El-Shahin announces in a press conference held by the group in Fujairah, the UAE. “Such envisaged demand has led us to enter three new markets, namely Kuwait, Egypt and Morocco,” El-Shahin says.
The group already occupies 65-70% of the concrete production in the UAE and seizes a large share of the crushers market.
Meanwhile, in Morocco, Oryx Industries subsidiary Oryx Mix Concrete Production Company is aiming to inject investments worth approximately AED 50 mn to acquire the majority stake in one of the major concrete companies in Casablanca.
In Egypt, the company plans investments worth AED 20 mn in the same sector by purchasing a ready-made concrete plant in 6th of October City. Oryx Group also plans to establish other subsidiaries specialized in the sale and distribution of rocks in Qatar and Kuwait, with initial investments worth AED 100 mn.