UAE construction group to invest $100m in expansion

|By Arabian Post Staff| Ajman-based Tech Group, comprising a number of construction verticals, announced an investment of $100 million for the next three years, in what the company declares as an endorsement of the positive outlook for the country’s construction industry.

Piling Tech, one of the group companies specializing in foundation engineering, design engineering and boring and driven piling systems, has acquired a new set of Soilmec SR-60 Evolution piling rigs.

Group CEO Shiraz Hasan said the company would spend AED 370 million to upgrade the facility area, machinery and transportation fleet, leading to a significant increase in the company’s production capacity.

Commenting on the economic outlook, Hasan said, “The medium to long-term economic outlook for the construction industry seems quite positive. 2015 was a very good year for us as we recorded 30%+ YoY growth. There is a host of opportunities available for the construction sector in the region as new projects are being announced throughout UAE.”

“We have created a high demand of our products and services in the region by continuously striving to be the best in the business. Committed to our growth strategy, we opened our third concrete block manufacturing plant last year that has increased the production capacity by almost 1 million units per month. AED 35 million has already been invested on expanding the current fleet for the Group and now these new piling rigs are added to the already growing fleet,” Hasan added.

Tech Group includes ten business units, spread across aluminium and glass; ready mix and concrete blocks; petroleum trading; electrical, mechanical and plumbing services; construction and piling works; steel cut and bend, and fabrication services; sweet water supply, and wood joinery works.