Besides the UAE, K5 plans to explore other potential markets, including Saudi, Qatar, Bahrain, Kuwait and Oman to bring its annual sales from this region to $100 million
K5 Middle East, a firefighting products, solutions and technologies company, said it has begun construction on its first manufacturing facility in the Middle East at Ajman, UAE.
The announcement was made on the sidelines of Intersec 2017, the world’s leading trade fair for security, safety and fire protection held last month at the Dubai International Convention and Exhibition Centre (DICEC) in Dubai, UAE.
The work on the facility, being built at an estimated cost of $100 million, is progressing well, said the company at the three-day event.
The move complements a recent report by Frost & Sullivan that the GCC’s fire safety market is expected to grow at an average of 15 per cent to touch $3.15 billion by 2020.
The UAE accounts for 34 per cent or $476 million of the GCC’s $1.4 billion fire safety market, driven mainly by the local construction boom.
Demand for fire safety systems and equipment is expected to get a major boost as World Expo 2020 draws near and as work on major construction projects progresses up to 2021. Sales of detection systems and equipment – including smoke and heat detectors and fire extinguishers – dominate the UAE’s fire safety systems and equipment market.
Alex Perfiliev, the chief executive of K5 Distribution, said: “We are highly excited with the construction of our first-ever manufacturing facility in the Middle East which will address the growing demand for fire safety solution in the region.”
“We foresee a high demand for innovative fire safety solutions in the UAE in line with Dubai Civil Defence’s Strategic Plan 2017-2021 to reduce fire incidents by 10 per cent and the ratio of death caused by fire per 10,000 people by 15 per cent. While the UAE remains our key market, we will explore other potential market in the region, including Saudi Arabia, Qatar, Bahrain, Kuwait and Oman to bring our annual sales from this region to $100 million per annum,” he added.
Evgeny Gabov, the director at K5 Middle East, said the company had very high expectations from the robust fire and safety market of the Middle East and particularly from the booming UAE market.
Alongside K5 Safety Patch and K5 Patchpaint, the state-of-the-art manufacturing facility will produce paints, foams, coatings and construction materials equipped with fire extension capacity, said Gabov.
“Our clients in the region include manufacturers of electrical equipment, developers, facilities management firms, and social care institutions. In the long term, we have plans to enter India and China, which are large markets along with Europe,” he added.