The new joint venture will bring in TGFEC's expertise in foundations and piling technologies that will expand the scope of S.S. Lootah's core offerings in the construction sector to cater to the demands of the growing infrastructure industry in the UAE and the region.
TGFEC is a leading state-owned enterprise that specializes in pile testing, engineering investigation, construction, surveying and mapping, foundation testing and geological evaluation. TGFEC will collaborate with S.S. Lootah's in-house material testing division 'Material Lab Dubai' as a technology and resource partner, particularly in the area of pile testing. The company will bring to the joint venture its vast skilled human resources that comprise of geotechnical engineers, project Managers and other technical personnel.
Eng. Yahya Lootah, Vice Chairman and CEO of S.S. Lootah Group, commented, 'The visit of His Highness Shaikh Mohammad to China has paved way for a new era of UAE-Chinese collaboration, where we witnessed a dynamic investment environment in China, particularly in the Construction, Energy and Technology sectors, during our visit.'
'With China being UAE's largest trading partner, we hope our new Joint Venture will pave the way for us to establish a footprint in the world's largest growing economy, keeping in line with our strategic vision and the vision of our Leadership,' added Eng. Yahya Lootah.
The collaboration with S.S. Lootah will also provide TGFEC with a gateway to enter the booming Gulf Construction Market.
It is estimated that UAE-China trade grew by more than 40% in 2007 and reached around $20bn and is estimated to reach around $40bn by 2009.
Over the past 10 years, S.S. Lootah International, the global investment and business arm of S.S. Lootah Group, has established progressive alliances with a host of international business majors across key industry sectors like construction and energy. The company recently established wholly-owned subsidiaries in India and Canada.
S.S. Lootah signs new joint venture with China-based Tianjin Geological Engineering
The UAE-based conglomerate S.S. Lootah has entered into a new joint venture with China-based 'Tianjin Geological Foundation Engineering Company' (TGFEC), following the recent visit of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to China.
- United Arab Emirates: Wednesday, April 09 - 2008 at 15:23
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About S.S. Lootah InternationalS.S. Lootah International (SSLI), the global business and investment arm of the Dubai-based conglomerate S.S. Lootah Group, focuses on innovative and eco-friendly entrepreneurial initiatives and projects that cater to national and regional economic growth and delivers tangible, economic, social and environmental benefits. Envisioned in 1999, SSLI has made quick strides to become a key entity handling multi-billion dollar development projects catering to more than 3 billion people from Asia to Africa and Europe. SSLI will continue to build progressive alliances with key stakeholders across various industries (energy, construction, industrial, telecommunications, environmental research and sustainable development sectors) and pursue knowledge creation and sustainable models across all its business endeavors. S.S. Lootah International recently established wholly-owned subsidiaries S.S. Lootah Asia and S.S. Lootah Canada to provide a gateway to the respective markets.
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Posted by Medilyn Manibo, Assistant News EditorWednesday, April 09 - 2008 at 15:23 UAE local time (GMT+4)
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