Labtec LLC, a leading player in the design, manufacturing, installation and commissioning of laboratory furniture and part of Masharie, a subsidiary of Dubai Investments PJSC (DI), is targeting 10 per cent year-on-year growth in the next three years, riding on the crest of new healthcare projects in the UAE and Saudi Arabia.
The company’s growth goes in line with annual growth projection in the GCC healthcare market, expected to grow at an annual rate of 11 per cent. Investments in UAE healthcare sector has soared from $3.2 billion in 2012 to $11.9 billion in 2015, while Saudi Arabia has new healthcare projects worth over $3 billion under way.
Amidst this growth curve, Labtec recently won a new contract worth over Dh18 million ($4.9 million) for the supply and installation of laboratory furniture at The Petroleum Institute in Abu Dhabi. The project involves supply and installation of modular laboratory furniture with specially designed service riser and services spines, capable of accommodating various gases, water, data and electrical services.
The project is scheduled for completion by the end of September 2015.
The ISO-9001 certified Labtec, which operates an 8,000 sq m facility in Sharjah, achieved sales of Dh19 million in 2014 and is also eyeing aggressive expansion across the GCC area and Asia amidst surging demand for laboratory solutions.
EXPERTISE TO THE FORE
Muhammad Tariq, general manager of Labtec, said: “The current spate of new healthcare projects in the GCC states is leading to exponential demand for high-quality laboratory furniture and Labtec sees this as a great opportunity to further build on its market leadership. The company’s expertise in both healthcare and educational spheres augurs well for its growth. The new contracts are a testimony of Labtec’s market reputation and adherence to delivery standards and schedules. We are confident of continuing this growth thrust.”
The company recently also won contracts to provide laboratory furniture at Ghayathi Community Hospital project, Al Rahba Hospital project, Rashid Hospital Trauma Centre extension and EVA Pharmaceuticals – Egypt, besides supply and installation of laboratory furniture for seven clinics in Saudi Arabia.
Labtec has finalised plans to supply Forest Stewardship Certification products in the GCC as part of its green building concepts. The company plans to introduce a unique media ceiling and media column system in laboratories across the GCC designed and produced by Ludi, a Swiss company.
Since its inception in 1981, Labtec has carved a niche for itself in laboratory furniture and fittings, fume cupboards and special counters among other items used in the laboratories of hospitals, schools, universities, research centres and industries.
Labtech gains inspiration and support from Dubai Investments, to which it is linked being part of Masharie, DI’s subsidiary.
Dubai Investments is a leading investment company listed on the Dubai Financial Market with over 19,800 shareholders and a paid-up capital of Dh4 billion. Incorporated in 1995, the company has grown exponentially with investments in a number of businesses across three core sectors – real estate, manufacturing & industrial and financial investments – across the UAE and the Middle East.
Since its inception, Dubai Investments has challenged the norms and introduced cutting-edge technologies, pioneering business models, unique investment strategies and innovative concepts across its diversified portfolio spanning different sectors and markets across the globe. With prudent use of capital and sound management skills, Dubai Investments has acquired over 70 companies and made profitable exits from some of them in the last 20 years.
Dubai Investments currently has over 40 subsidiaries and joint ventures under its portfolio, across a wide array of industries and continues to seek new investment opportunities in new sectors, locally and internationally, as part of its strategic expansion plans.