Universal and Stars announce the establishment of two factories
Dubai Industrial attracts AED one billion in new investments
During the signing of the agreement with «Stars» for plastic industries. From the source
Dubai Industrial City, a subsidiary of TECOM Group, announced yesterday that it has succeeded in attracting new investments worth around one billion dirhams from local and international manufacturers.
On the sidelines of the "Make in the Emirates" forum, Dubai Industrial said that among the new investments attracted by the city were the investment of Universal, which specializes in the manufacture of rubber belts, and the investment of the local polymer solutions provider "Stars" for plastic industries.
Saud Abu Al-Shawareb, Executive Vice President of TECOM Group - Industrial, signed a AED 75 million agreement with the CEO of global rubber belt manufacturer Universal, Mahyar Razaghi Fadigani, to establish a new plant in Dubai Industrial City, where construction is expected to begin in August, with pilot production starting from April 2024.
Abu Al-Shawareb also signed an agreement with the CEO of Stars Plastic Industries, Faisal Al Zarooni, to invest AED 90 million in the construction of a new food packaging plant in Dubai Industrial, with construction scheduled to begin this year on the new factory for food packaging products.
The signing of the investment agreement with Universal rubber belt manufacturer was attended by the Minister of Industry and Advanced Technology, Dr. Sultan bin Ahmed Al Jaber, the Minister of State for Public Education and Advanced Technology, Sarah bint Yousef Al Amiri, the Chairman of TECOM Group, Malik Al Malik, and the CEO of TECOM, Abdullah Belhoul.