Gulf Dynamic Switchgear wins $10.9mn projects
The vast majority of new orders are in the mixed-use developments and oil and gas sector
Gulf Dynamic Switchgear, a wholly-owned subsidiary of Masharie- the private equity arm of Dubai Investments PJSC, has announced the signing of projects worth $10.9mn for 2015.
The vast majority of new orders are in the mixed-use developments, industrial, utility, infrastructure and oil and gas secotrs, the company said
Gulf Dynamic also announced a 24% year-on-year growth in 2014, amidst a massive spurt in infrastructure projects across the UAE and the Gulf.
Citing data from the World Energy Council, the company said that an additional 100 GW of energy would be required to sustain rapid growth in GCC countries in next ten years, which in turn will increase demand for switchgears, as the global market is growing at a CAGR of 10.54% from 2014-2018.
Fawzi Jarrar, General Manager of Gulf Dynamic Switchgear, said: "We have achieved a strong growth in 2014 and bullish about our prospects over the next five years, mainly due to the latent demand in the infrastructure and mixed-use developments in the run-up to Expo 2020. We are confident that our dedication and improved resources will help us make significant advances in the sector in the coming years."