Dubai-based Lite-Tech, a subsidiary of Dubai Investments PJSC, has set up a joint venture with Philips Lighting for the manufacture, marketing and sales of lighting fixtures.
According to the recently signed agreement, Philips will hold a 40 percent stake in Lite-Tech, the local manufacturer of luminaries. The shareholding of the existing owners – the Dubai Investments’ subsidiary, M’Sharie LLC, and the Saeed Mohammed Al Naboodah Group – amounts to 60 percent, reports Gulf News. M’Sharie earlier controlled a 50 percent stake in Lite-Tech, which it acquired in late 1998. The value of that stake was estimated at between Dh12-15 million.
The joint venture will make and assemble luminaries, streetlights and industrial lights. Khaleej Times adds that the products will mainly serve the Gulf and Middle East markets. All of the joint venture’s commercial operations will be channeled through the existing Philips organization. The luminaries group of the Business United Lighting International Sales currently manages Philip Lighting’s Dubai luminaries operations.
Lite-Tech’s 1998 turnover amounted to Dh40 million. This figure was exceeded in 1999, when the company won contracts from Emirates Towers, Jumeirah Beach Hotel and Dubai International Airport. Lite-Tech is renown for the supply of quality products, according to international standards. It gained ISO 9002 Certification during 1996 and in 1997 won the Dubai Industrial Sector Award.
Philips Lighting is one of the world’s largest manufacturers of lighting equipment including lamps, luminaries, electronic gear and lighting controls. In the first half of 2000, Philip Lighting’s nominal sales rose by 11 percent, while real growth equaled 2 percent. Strong growth was recorded in Asia Pacific and Eastern Europe. Income from operations increased by EUR 51 million to EUR 367 million, due mainly to impressive sales in the lamps and automotive departments. –(Albawaba-MEBG)