Dubai Investments inaugurated today (Monday, May 2, 2005), facilities of three of its subsidiary companies at Dubai Investments Park. The new establishments of Syscom Emirates, Thermoset and Emicool were inaugurated in the presence of H.E. Ahmad Humaid Al Tayer, Chairman, Emirates Bank Group and Khalid Bin Kalban, Managing Director and Chief Executive Officer, Dubai Investments.
Dubai Investments has invested a total sum of AED 120 million to set up the facilities of Syscom Emirates, Thermoset and Emicool, underlining the company’s drive for major expansion and development in the region.
Speaking at the launch, Khalid Bin Kalban said, “Ever since its inception a decade ago, Dubai Investments has been committed to making wise investment choices that have contributed to our overall success. With the launch of these three companies, Dubai Investments is further emphasizing its strategic role in Dubai by complementing the emirate’s goal of offering economic diversification. We will actively pursue our corporate vision of growth and expansion over the coming months and continue to invest in leading companies, across key industrial sectors.
“Dubai Investments will continue its focus on making strategic investments in viable and profitable entities and stress on the prudent use of capital and sound management skills to achieve reasonable returns from healthy businesses with strong growth potential. We aim to participate and acquire companies in various areas of manufacturing, trade, commerce and services,” added Bin Kalban.
All the three companies, Syscom Emirates LLC, Thermoset and Emicool are a joint venture with M’sharie Company, which is a 100 per cent subsidiary of Dubai Investments. Abd Al Aziz Al Serkal, Managing Director, M’sharie, said “M’sharie owns a major share in the three companies and this move is a part of M’sharie’s strategy in buying out different companies. Our decision to invest in these firms was made after an in-depth study and assessment of current market requirements. The inclusion of these companies in Dubai Investment Park has broadened our investment portfolio and enhanced our reputation of making the right investments.
Syscom Emirates is a subsidiary of Raiffeissen Bank of Austria, which is the sixth largest private bank worldwide. The company has three main line of activities – It will have a production line for digital telephone sets and fiber optics switches, it will offer comprehensive telecommunication system integration services and it has been authorized by Etisalat to sell its products through outlets located within Etisalat business centers throughout the UAE.
Thermoset Technologies (Middle East) LLC is a regional water storage solution provider, making high quality panel tanks. Thermoset is focused on adding new products, equipments and services to solve a broadening array of customer challenges and is keen on helping customers achieve easier and more efficient water storage solutions.
Emirates District Cooling LLC (EMICOOL), is a district cooling services provider involved in the supply of chilled water to building developers and users. EMICOOL will provide the financial feasibility studies, engineering, procurement, construction, commissioning, training, operation and maintenance of district cooling system plants. The company is highly focused, customer-oriented and capable of delivering quality products and provides total after-sales support.
