JV signed with local Aldom Group
Mulk Holdings has announced a joint venture with the Turkish Aldom Group, to establish a base to manufacture Alubond fire rated building façade panels and aluminium coil coatings
Contracts were signed at Dubai’s seven star Burj al Arab Hotel in January 11, in the presence of company executives and local dignitaries including Mulk Holdings’ chairman Shaji Ul Mulk and Aldom Partners’ Muzaffer Boynudelik and Erald Pauw.
Also in attendance were H.E Sheikh Majid Al Nuaimi; H.E Sheikh Khalid Al Hamed; Abdullah Bin Ahmed Al Saleh, undersecretary to the Ministry of Foreign Trade in UAE; Dr. Rashid Alleem, director general for Sharjah Hamriya Freezone; and prominent members of VIP Business community from U.A.E, Europe and Turkey.
“The decision to manufacture in Turkey is in line with our market strategy of being inside key metal composite markets,” said Shaji Ul Mulk, company chairman.
Aldom managing partners Erald Pau and Muzzafer Boynudelik said they switched from supply Japan’s Alpolic products, to Alubond U.S.A. due to “superior quality and product range” and “aggressive pricing”.
Under the terms of the agreement, Mulk Holdings will own a 70% shareholding stake, and Aldom Group 30% , of the Istanbul-based factory.
Anticipated total investment could reach US $ 28 million, increasing capacity to 6 million metres square. Globally, Alubond’s capacity will reach 18 million metres squared.
This facility will be one of The Largest overseas manufacturing bases for Mulk Holdings.