Emaar Industries & Investments (EII) plans to consolidate its business through diversification within its key focus on manufacturing, paying special attention to the pharmaceutical and FMCG sectors, the company’s new CEO has said.
“EII has a strong foundation and a good financial position,” said Mohammad Saeed Al Raqbani. “This situation has come about due to a solid platform we’ve created at the organisation, which has allowed us to focus on the manufacturing sector. The sector holds great potential and it is critical that we hold firm our belief in supporting the existing businesses that we have partnered with as the industrial sector is the backbone of many other sectors.
“EII intents to further diversify within the manufacturing sector with an additional focus on the pharmaceutical and FMCG sectors.”
The new CEO said that as part of the process of centralisation, the company aimed to increase synergy between its subsidiaries in order to generate new efficiencies and increase profitability.
“This is just good business practice and it is important that EII and our partners continue to evolve,” commented Al Raqbani.
“Additionally, EII intends to centralise a number of the key functions of the business and some elements of the subsidiaries in order to maintain the organisation’s positive status.”
Mohammad Ali Al Hashimi, vice chairman, EII, commenting on Al Raqbani’s appointment, said it was critical for the company to have strong leadership in place and that he and the board were confident the move would continue to help evolve EII in the best way possible.
“Much of our development is due to the hard work of Dr Ahmad Khayyat, who has chosen to pursue new opportunities, and we would like to thank him for all he has achieved at EII and wish him all the best,” said Al Hashimi.
“We have a continued commitment to develop our business and keep increasing shareholder value. As part of this commitment, we need to maintain continuity and there is no better way than employing and promoting from within our own organisation. EII has been highly successful since its inception and there is more than enough capability for this success to continue. We are entering another positive year despite the global problems that are afoot.”
Al Raqbani joined EII in 2006 bringing a diverse business background to the organisation.
Some estimates show that total investment in the region’s industrial sector has exceeded more than $115 billion and the new CEO has already outlined EII’s continued strategy under his leadership to continue to support the industrial sector in the GCC region.
A private joint stock company established in August 2005, EII focuses on exploiting the potential of the fastest growing sectors in the region, including building materials, FMCG, healthcare, metals, engineering industries, electronics and electrical equipment, and chemicals and petrochemical products.