Profits Exceeding JD 15 million in the First Half of 2005 for Middle East Complex for Engineering, Electronic, & Heavy Industries (MEC)
The profits for the Middle East Complex for Engineering, Electronic, & Heavy Industries (MEC) for the first half of 2005 reached JD 15 million, seven times as much as profits for the same period last year.
Mr. Osama Darwish Al Khalili said that, “This incredible achievement comes as a result of the diligent efforts of the management and staff of MEC on all levels, and the support of the Government officials. Add to that, of course, the proven quality of our products and their ability to compete for more market shares within the local market. Further, our exports have increased to neighboring countries, as well our entry into new markets, especially Egypt and the Maghreb states.”
As for the MEC’s stocks, Mr. Khalili announced that they will soon be available on the Dubai Stock Market, after the Management had finalized all necessary procedures and acquired all approvals from the UAE government and Securities Commission. In Jordan, MEC is currently awaiting the final approval from the Jordan Securities Commission to proceed with the introduction of the MEC stocks into the UAE Stock Exchange, which is expected soon.
“We are just waiting for the go-ahead by the Jordan Securities Commission,” Mr. Khalili commented, “Once we receive it, the entry into the Dubai Stock Market will be a milestone for us, as well as enhancing the reputation of the Jordanian economy and Jordanian companies. Plus, this will raise the value of the MEC’s stocks on the Jordanian Stock Market, and increase the profits of its stakeholders.”
With regards to increasing the number of the stakeholders, Mr. Khalili announced that “the stocks for the Darwish Khalili & Sons Co. have been dealt in the Amman Stock Market since the beginning of 2005, with the acquisition of several strategic partners since.”
“The Middle East Complex has acquired majority shares in Rum Aladdin Industries Co., and moved most of its managerial functions to MEC, which will run all production operations of the home and electronic appliances. Aladdin Products are well-renowned for their high-quality, and we will continue to develop them further, enhancing our sales exponentially.” Mr. Khalili further added “We hope that by the end of the year both our polystyrene and cardboard factories will be built as was decided during the Board’s last meeting. We feel this will certainly increase our profits, add value to the Jordanian product, and raise our competitive edge.”
Concerning future developments, MEC management has concluded the economic feasibility study, which focused on the technical and investment angles, for the establishment of an industrial complex in Abu Dhabi. The complex will produce home and electronic appliances, reaching up to 3.5 pieces annually.
“We are currently seeking strategic international partnerships in the building of this complex which will cost up to US$ 200 million. We envision production to commence by the beginning of 2007. The Abu Dhabi complex will compliment the Jordanian one and will allow us to open up new markets in the UAE, Iran, India, Pakistan, and Bangladesh as well several African states.” Mr. Khalili concluded.
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