Australia’s Clipsal invests $6 million in new Sharjah factory
Australian electrical components manufacturer Clipsal will invest six million Emirati dirhams ($1.63 million) in a manufacturing facility that is scheduled to be set up by year’s end in Sharjah, in the United Arab Emirates (UAE).
The company already has an assembly facility in Sharjah Airport International Free Zone opened in mid-1999. Some 6,000 different products put together in Sharjah are distributed throughout the Gulf region, and Saudi Arabia, as well as Jordan, Lebanon and Cyprus.
Clipsal’s UAE operations recorded $18 million in revenues in 2002, accounting for nearly half of the company’s total Middle East turnover. Clipsal’s Middle East subsidiary is targeting a sales turnover of $60 million in 2003. The company controls a 30 percent market share in the UAE.
Clipsal produces over 35,000 different electrical components in its 14 manufacturing facilities. The company has 50 marketing branches worldwide. — (menareport.com)
© 2003 Mena Report (www.menareport.com)