A decision was recently reached to establish a new polymer emulsion plant in Sharjah's Hamriyah Free Zone over an area 77,000 square meters by Indian firm Visen Industries.
The proposed plant is expected to be the largest polymer emulsion plant in the UAE region, and will involve an investment of Dh110 million, according to Gulf News. Visen will face competition for market share from rivals in the UAE as well as in Saudi Arabia.
The company's UAE subsidiary, Visen Polymers FZE, is reportedly targeting an annual turnover of $100 million in the first full year of operations.
"When our output reaches 200,000 tons, the turnover will also double," said Visen chairman Vijay Nair. He added that the company would supply polymer emulsion to paint manufacturers in the Middle East and export to Africa and Europe.
The plant's first phase is expected to cost Dh77 million, while upon completion in the second-quarter of 2007, the plant is expected to provide a capacity of 100,000 tons annually. During the second stage, which will cost some Dh33 million, another 100,000-ton output will be added.
"The paint industry is growing at a fast rate in the Middle East and demand for our product is rising at 20 per cent per annum," Nair explained.
