Spark Trading DMCC to invest $60m to set up grain storage and distribution facility at Saqr Port in RAK

The agreement was signed by H.H. Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, and Refaat El Gamil, Chairman of the Egypt- based Cairo Three A Group, at a function held at Al Dhait Palace here.

Under the agreement, Spark Trading DMCC would be provided 30,000 square metres of land at Saqr Port on a 25- year lease, where it would build and operate modern storage and discharging facilities for the import, distribution and re-export of food grains and feed grains.

Speaking on the occasion, Sheikh Saud said that Government of Ras Al Khaimah attached prime importance towards upgrading the logistics facilities of the emirate, which would add to its competitive advantages as an industrial and manufacturing hub.

Commenting on the agreement, Ayman El Gamil, Chairman of Spark Trading DMCC said, "Our new facility at Saqr Port is expected to handle one million tonnes of grains per year on completion. It would have advanced systems in place for speedy discharging of food grain shipments and modern storage and distribution facilities, including conveyor belts for direct discharge of grains from ships to warehouses."

He added that the facility would also have four huge cylos for grain storage apart from bagging plants and distribution facilities. Spark Trading would receive its first vessel at Saqr Port on January 28, 2008, carrying 17,000 tonnes of yellow corn from USA. The new facility is expected to complete construction within one year.

Ayman El Gamil said that the Saqr Port facility would cater to Spark Trading's operations in UAE and other Gulf countries as well as re-exports to regional markets.

Ven Govinda, CEO of Saqr Port Authority, said that the new project would have a positive impact on the development of Saqr Port, which is currently making huge infrastructural upgrades to achieve its vision of becoming a leading port in the region.

"It is an honour for us to have this unique project by Spark Trading here and we believe that setting up of the food grain storage and distribution facility would also help attract many related industries to the emirate," he added.

Khalid Saffarini, Legal Advisor to the Government of Ras Al Khaimah, Mohammed Al Khait, Advisor at the Ras Al Khaimah Ruler's Court, and a number of officials were present at the function.