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FINANCIAL NEWS
Oman’s Galfar Engineering establishes two companies
23 Aug 2011
(MENAFN) Galfar Engineering and Contracting vice-chairman and managing director, Dr P. Mohammed Ali, said that in order to increase profit, the Omani firm started the establishment of two companies, the Unibeton-Galfar Ready Mix and the Aspire Projects and Services, reported Times of Oman.
Ali added that Unibeton-Galfar Ready Mix would be established to produce ready mix concrete and it would be a 50:50 joint venture with UAE’s Unibeton Ready Mix, from which the company would get expertise, a move that would lessen production costs.
He also said that the second firm, which would be a subsidiary of Galfar Engineering, would carry out small contract works, moreover, it would be 99.9 percent owned by the parent company.
It is worth noting that Galfar Engineering and Contracting is the biggest contracting company in the GCC, its net profit for the first six months of the year reached USD6.9 million up from USD4 million in 2010’s same period.
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