The UAE2 billion dinar conglomerate Mulk Holdings has recently unveiled its first venture into the African continent through an agreement with Suzan General Trading. The joint venture agreement would establish the creation of Alubond Africa with an initial capitalization of US$25 million.
The company would be part of a two phase plan to establish manufacturing factories within 2013. These factories would manufacture Alubond USA metal composite panels that has sub structure systems, aluminum coating as well as become the regional hub for solar energy solutions in Africa. The agreement would have Mulk having a 55% share while 45% would be for Suzan.
According to Suzan General Trading Group Managing Director, "Consistent African economic growth in construction and energy coupled with abundant natural minerals and metals is a sign that for the next two to three decades will be booming in Africa. Hence our decision to enter into this JV is at the right time and we are confident that Alubond Africa will prosper and grow many folds in the time to come."
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