K5 Middle East, a firefighting products, solutions and technologies company, said it has started building its first manufacturing facility in the Middle East.
Work on the $100 million facility in Ajman, UAE, is progressing well, said the company.
According to a recent report by Frost & Sullivan, the GCC’s fire safety market is expected to grow at an average of 15 per cent to $3.15 billion by 2020.
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, 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 as 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. -TradeArabia News Service