The construction chemicals company Soudal Group of Belgium is investing Dh213 million for a stake in Sharjah-based Al Muqarram Industry, and which will see a 50% increase in the latter’s capacity in 2 years.

"From a projected sales revenue growth of about 15% to hit the Dh150 million mark by the close of year 2021, we expect to register 20% growth to reach Dh180 million in year 2022 driven by the expanded production capacity and a wider product portfolio," said Safdar Badami, Managing Director, AMI.

Over the next 3 years, exports are expected to increase by approximately 40%, with year-on-year growth of more than 20% in most GCC countries.

Soudal and AMI will have a combined network that spans over 16 countries on 4 continents, making it one of the biggest construction material manufacturers in the wider EMEA region. AMI is into in the production of sealants, waterproofing products, adhesives, tapes, vehicle care and maintenance items and aerosol sprays.

For its part, Soudal is the largest independent European manufacturer of sealants, adhesives and polyurethane foams. The group has 23 production facilities.