UAE's steel construction company eyes Libya market boost on top of 43% revenue growth
UAE-based Amana Steel Buildings Contracting Co., one of the Gulf region’s leading design-build constructor, has forecast a 43% revenue growth in 2005 as it looks to capitalise on major new business opportunities in Libya.
Chairman and chief executive officer, Chebel Bsaibes, has announced that the company based its forecast on strong growth in its existing markets as well as further expansions in strategic markets such as Libya.
Eager to capitalise on Libya’s new era of growth, Amana was among the first companies to commit to ‘UAE in Libya’, a government-led trade fair taking place in Tripoli from 27-30 November.
“We are very optimistic about the potential of the exhibition and of the Libyan market now that the trade sanctions have been lifted,” he said. “We see tremendous opportunities for the demand of design-build turnkey development of commercial and industrial facilities in Libya and across the region.”
“UAE in Libya” is being jointly organised by the Dubai Chamber of Commerce and Industry, Jebel Ali Free Zone Authority, and the Dubai Department of Tourism and Commerce Marketing, with Dubai-based Streamline Marketing the project managers.
With the final lifting of UN sanctions on Libya in 2003, and US sanctions in 2004, the country is now launching itself into mainstream global business, paving the way for investors and developers to help with the internationalisation of the economy.
The new business potential is obvious for companies like Amana, whose high profile clients have included General Motors, Emaar, Dubai Ports Authority, and the Dubai Municipality.
“Our success has been through the implementation of a regional design-build contractor concept with a decentralised model,” commented Bsaibes. “Because of the active involvement of our design engineers, sales engineers are able to deliver custom designed and cost-effective solutions to each client.”
Demand in Libya for a broad range of consumer and industrial products and services is expected to surge in the next few years, and the country’s fairly small non-oil sector and limited domestic supply base means most of the increasing demands can only be met by foreign suppliers.
The exhibitor line-up at “UAE in Libya” will cover the agriculture, transport, IT, telecommunications, plastics, metals, aluminum, foodstuffs and electronics sectors.
The exhibition’s chief objective is to generate business, bringing exhibitors in direct contact with many influential Libyan bodies, including ministries, embassies, governmental departments and trade commissions.