Gulf Investment Corporation (GIC) unveiled its plans to develop a state of the art power transmission lines manufacturing facility in the emirate of Dubai as a joint venture with Jyoti Structures Limited (JSL) of India and Export-Import Bank of India. The manufacturing facility is located in Dubai Investments Park and construction is expected to be completed by the fourth quarter of this year.
Mr. Hisham Al-Razzuqi, CEO of Gulf Investment Corporation, said “This investment is another indication of GIC’s commitment to promoting viable and needed projects and its ability to harness the synergies created through the cooperation of Gulf investors and their international counterparts.
He added: “This joint venture carries significant benefits to the GCC region by promoting industry and employment, therefore enhancing the process of diversification away from oil.”
Mr. Al-Razzuqi also added that cooperating with a leading institution in the field of power transmission lines such as Jyoti Structures and a leading financial institution such as Exim Bank will raise the competitive advantage and market position of the project.
“With a production capacity of 33,000 metric tons per annum, we will be in a position to secure power transmission lines business on an engineering, procurement and construction (EPC)/turnkey basis,” said the head of Diversified Projects Division Mr. Muhammed Al-Melhem. “Services will go beyond merely manufacturing or contracting to include all steps such as logistics and design, making this project the first in the region capable and equipped to offer complete turn key contracts,” he added.
“Having executed Engineering / Supply / EPC / turnkey projects for customers in over thirty countries, including Canada, the United Kingdom, Oman and Tunisia, JSL has a strong track record in the industry,” said JSL President Mr. Prakash Thakur.
