Real estate developer Hydra Properties has diversified into the building materials industry after acquiring a 20 per cent share of Ras Al Khaimah Cement Company.
Sulaiman Al Fahim, CEO at Hydra Properties, said the move was triggered by a need for guaranteed cement supplies to meet the company’s construction demands.
He added that Hydra Properties plans to increase its share in Ras Al Khaimah Cement Company by the end of 2007.
"Since Hydra Properties has many ongoing and planned construction developments in the UAE, holding a stake in Ras Al Khaimah Cement Co will enable us to avail of cement supplies on a priority basis to meet our construction needs," said Al Fahim.
"Our vision is to expand Hydra Properties in a greater way. Investing in the stock of Ras Al Khaimah Cement Company represents one such move in the right direction. There is a great demand for the company’s cement and other products, with its sales charts indicating considerable growth and profits over the years."
The UAE heads the construction industry in the GCC with $35.6 billion worth of projects that make up 63.7 per cent of the total development projects, according to a report by Abu Dhabi National Exhibitions.
Hydra Properties’ project portfolio features a range of residential and business developments in the UAE such as Hydra Downtown Towers, Hydra Twin Towers, Hydra Towers, Hydra Golf Walk and Hydra Village. In Mexico, the company is developing the Hydra Wave Resort.