The Middle East market continues to be a desirable market for long-term growth due to rapidly developing regional economies and increased demand for petrochemical products, according to Rose Anwar, of MEGlobal, a petrochemical company operating out of the Dubai Airport Free Zone.
MEGlobal is the exclusive marketer of Monoethylene Glycol (MEG) and Diethylene Glycol (DEG) produced by Equate Petrochemical Company of Kuwait. These products are marketed and sold to a wide customer base in the Middle East, Europe, and Asia.
The current global economic crisis is making business conditions for all petrochemical companies quite difficult. However, the Middle East remains a desirable market for long-term growth due to rapidly developing economies and increased demand for petrochemical products explained Ms. Anwar.
MEGlobal is a 50:50 joint venture between the Dow Chemical Company (Dow) of the United States and Petrochemical Industries Company (PIC) of Kuwait. The organization was formed in July 2004.
As a joint venture of two of the leading chemical producers in the world, MEGlobal offers the deepest and broadest resources in the EG industry. In forming MEGlobal, Dow and PIC arrived at a shared vision that provides our customers with substantial benefits that our two partners could not offer as separate entities.
“MEGlobal is a perfect example of a company that takes advantage of the strategic location of the Dubai Airport Free Zone to be close to emerging markets in the Indian Subcontinent, the Middle East and Arica,” said Mr. Mohammed Bin Suwailem , Director Sales, Dubai Airport Free Zone.
“Dubai Airport Free Zone is one of the world’s fast growing Free Zones that provides international companies an alternative business prospect to economies in the West suffering a recession. We facilitate access to emerging economies in the region,” Mr. Bin Suwailem stressed.
Ms. Anwar added the petrochemical industry has been one of the hardest hit segments in this global financial crisis and many chemical companies have gone out of business or significantly reduced their operating capabilities.
“MEGlobal does not see a major reduction in our growth pattern as we continue to focus on economic growth in key emerging regions (India, Pakistan, Latin America),” she said.
She added, “Like every other company however, MEGlobal is carefully watching its inventory and managing cash levels during this crisis.”
Mr. Suwailem added that Dubai Airport Free Zone facilities and services have been acclaimed and earned an international reputation in the industry.
Ms. Anwar added MEGlobal’s primary focus here is to promote the market in India, Pakistan and Latin America. “We are growing our market position in the emerging markets in these regions, so the Dubai headquarters is an ideal location for accessibility to these key economies.”
