A senior official at Sharaf Industries said that joint ventures are the way forward in the competitive market and the company is eyeing strategic partners in Qatar and India. "I am negotiating with South Korean and Japanese companies," said Yousuf H Sharaf, Managing Director and board member of Sharaf Industries. "We are also studying the idea of an IPO and are looking at September or October to reach solid ground." He told Emirates Business that he expects further contracts from the Meydan project .
Can you give us a group overview of Sharaf Industries?
Shipping is the core business of the group. We evolved from that to establishing Sharaf Industries in 2005. And today it has an annual turnover of $500 million (Dh1.8 billion). The idea was to have companies that complement each other (see box one). This will give us more strength as a contractor when we tender for a project. We are not at the mercy of the market but have the logistics under control. Sharaf Industries is a holding company to manage our industrial interests – namely manufacturing, contracting division and hospitality, malls and hotels division.
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