09.08.2007

XCMG to invest in Dubai

China's largest construction equipment manufacturer Xuzhou Construction Machinery Group (XCMG) is forecasting Middle East revenues of $250 million for this year and says that it will invest $15 million to build a regional logistics centre in Dubai.

The company which produces a wide variety of construction equipment also says that it expects to produce 1,000 cranes this year, most of them being small truck mounted models.

Qi Hong, XCMG's regional director said: "The Middle East is our most well established and fastest-growing overseas market, we have sold more than $400 million worth of products in the Middle East over the last three years and are hoping for earnings of $250 million in the region in 2007."

“The company is looking for a 20,000 square metre site in Dubai and hopes it will be in operation within a few months”.The company already has offices in Dubai and SharJah.