FINANCIAL NEWS

Toshiba Elevators plans expansion across GCC

28 Mar 2010

(MENAFN) The Chief Executive Officer at Toshiba Elevators outlined the company’s plans to achieve a 100 percent growth in turnover in the Gulf region in less than five years, Gulf News reported.

Addressing a press conference in Dubai, the CEO, who is on a maiden visit to the Middle East, said that the UAE has demonstrated strong signs of recovery, as reflected in new contracts won by Toshiba Elevators.

Toshiba Elevator and Building Systems Corporation expects to execute projects worth over $81.8 million in 2010-2011 in Dubai and Abu Dhabi. Several more projects are in the bidding process, it added. Company’s order book for 2010-2011, led by new Abu Dhabi contracts, indicates accelerating recovery in UAE’s property sector.

The company plans to double its turnover in the region in less than five years, driven by expansions in the Gulf and India. Plans are on for opening offices in Saudi Arabia and Qatar with local partners, the CEO pointed out.

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