Dubai-based Gulf General Investment Company (GGICO) has opened a new firm in Sharjah named Horizon Energy, for trading in bitumen and manufacturing and sale of other value added bitumen products.

The project will incorporate a 10,550 sq m plant in Khalid Port and have an installed storage capacity of 16,000 tonnes.

Added value products to be manufactured include cut back, oxidised bitumen, primer and membrane, which can be used for road surfacing and roofing felt.

The first raw materials have already been imported from Bahrain.

GGICO deputy managing director Mohamed Ali Al Sari said the company is expecting an annual turnover of Dh400 million ($108.9 million) during its first year.

’We are proud to have this company in our portfolio and are looking to expand our service outside the UAE,’ he says. ’Horizon Energy utilises the latest in cutting edge technology with a focus on quality which ensures demand for our product.’

GGICO is a highly diversified group with business activities in manufacturing, industrial, finance and brokerage, rental real estate, freehold real estate, trading, insurance, retail, service, transport & hospitality. - TradeArabia News Service