By: Mahmoud Gamal

Abu Dhabi – Mubasher: RAK Ceramics is looking forward to growing its sales in European and African countries, company’s CEO Abdallah Massaad told Mubasher.

The decline in the Abu Dhabi-based firm’s sales concentrated in the UAE, among other countries, due to challenges facing the real estate sector in these countries including the shortage in demand, Massaad added.

RAK Ceramics registered a decline in sales during the first three months of 2019 to AED 620.3 million, compared to AED 661.8 million in the corresponding period last year.

As for the company’s planned new plant in Saudi Arabia, the top official revealed that it submitted a request to Saudi authorities for the building of the plant in the GCC country, adding RAK Ceramics was expecting to receive official approvals in the second six months of 2019.

We have achieved our expansion goals in India and we have no intentions for further expansion in the Asian market, Massaad said.

Cement producer’s plans for the launch of initial public offering (IPO) on The National Stock Exchange of India (NSE) do not see any progress, he maintained.

However, our operations in India are on track and we hope to build an export hub in the country, Massaad noted.

Established in 1989, the UAE-based company exported its products to around 150 countries through networks in Europe, the Middle East, North Africa, Asia, North America, South America, and Australia.

Translated by: Muhammad Abdul-Wakeel