Wednesday, June 18, 2008

Navayuga Engineering enters UAE market; targets Dhs800m turnover by end-2009

Dubai: Leading Indian construction firm Navayuga Engineering Co (NEC) (Chinta Visveswara Rao Chairman) has entered the United Arab Emirates (UAE) market with the ground-breaking ceremony of a water-front project by Abu Dhabi's leading master developer Tamouh Investments.

Senior managers of NEC and Tamouh took part in the ground-breaking ceremony for Sector 3, Plot 13 project of the City of Lights at Al Reem Island, 600 metres off the Abu Dhabi coast, an NEC statement said.

"With real estate projects worth over 1.71 trillion dirhams ($465.5 million), Abu Dhabi is the forefront of the region's construction sector," Navayuga Group joint managing director Chinta Sridhar said in the statement.

"Abu Dhabi, therefore, provides a perfect fit for NEC in our overseas expansion. Several master-developers have launched skyscrapers and NEC has extensive expertise in undertaking piling and foundation works for skyscrapers," he added.

The City of Lights is a mixed-use community set on a waterfront oasis. Covering 101 acres of land, the project includes commercial and residential properties including hotels, offices, residences and retail space.

The Plot 13 project on Sector 3 comprises five towers and a podium with single basement and car park.

Navayuga Group's director of finance M.A. Sattar said that with Abu Dhabi as the company's growth-platform in the region, NEC would expand to Dubai and Oman by mid-2009.
"Currently, we are fifth in the UAE in terms of equipment and we plan to be second in the country in terms of machinery and equipment by the end of this year," he said.

The company is targeting a turnover of 800 million dirhams ($217.7 million) by the end of 2009.
Close to 500 professionals and skilled workers are working in NEC's operations in the country, according to the statement.

Incorporated in 1986 as part of the Navayuga group, the Vishakapatnam-headquartered NEC is focused on pile foundations, diaphragm walls and marine structures like berths, wharves and jetties.

The company's expertise spans areas such as special foundations, large-diameter bored piles and diaphragm walls, ground improvement techniques, industrial structures, roads and bridges.
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