Union Trading says chemical process technology sales set to grow by 30 per cent

Speaking at Chemtex and Corrosion Middle East 2004 - the region's only international show for the chemical, petrochemical, chemical process technology, corrosion control and management industries - A. K. G. Varughese, Manager, Chemical Division, said Union Trading's Middle East exports amounted to US $15m in 2003. In addition exports to Africa, China and Europe were worth another US $5 million.

"Our annual growth for the past four years has been 20%. Sales are being driven by the rapid development of the UAE's free zones and growth in both the manufacture of detergent raw materials and retail sales," he said.

"The local detergent market has been expanding at the rate of 10% annually but it is expected, in line with increases in the population and the upsurge in the hospitality sector, this could double within two years."

Organised by International Expo Consults (IEC), Chemtex and Corrosion Middle East is set to grow in size by more than 25% in 2005-2006, with national pavilions already confirmed from China, India, Iran and Malaysia.

"Bookings for 2005-2006 are already running at a high level underscoring the growing worldwide interest in the region's petrochemical and chemical sectors," said Mohammed Falaknaz, Vice President, IEC.

"Apart from its own indigenous production, the region imports more than US $15 billion worth of petrochemical and chemical products annually. In addition the International Energy Authority forecasts that demand for Middle East oil will rise by 72%, to 40 million barrels a day, by 2010, creating strong demand for chemical process and anti corrosion technology.

"With markets elsewhere in the world depressed, international companies are increasingly prioritising the region in their strategic growth plans," added Falaknaz.

Chemtex and Corrosion Middle East 2004, which ends its three-day run at the Dubai International Exhibition Centre (DIEC) tonight features 45 companies from 15 countries. China has the largest delegation of 15 companies, followed by the UAE. Other countries taking part are Belgium, Egypt, Germany, India, Iran, Italy, Kuwait, Malaysia, Morocco, Sweden, Switzerland, United Kingdom and the United States.

The exhibition is supported by Dubai's Department of Economic Development and Department of Tourism and Commerce Marketing and the Dubai Chamber of Commerce and Industry.