Mulk Holdings, a Sharjah-based multinational company, is pursuing an aggressive expansion drive by investing over $ 1 billion in key projects in the GCC, Europe, Russia, Turkey and India during the next three years.

The diversified multinational group will make $ 500 million investment this year to launch mega projects in Turkey, Iran and India as well as to double production capacities of its core product — Alubond u.s.a — at its European facility.

“Our focus is right now to launch our main projects in India and Turkey this year while next year the company’s projects in Saudi Arabia and Russia will begin production,” Nawab Shaji Ul Mulk, chairman of Mulk Holdings, told Khaleej Times during an interview at his corporate head office in Hamriyah Freezone.

Mulk Holdings owns and manages a group of 14 companies. It is a multinational conglomerate with a diversified business interests spanning primarily in three sectors — construction materials, renewable energy and healthcare. The group has signed successful joint ventures with Zamil Group in Saudi Arabia, Enpar Group in Europe, Aldom Group in Turkey, DACS Systems in Sri Lanka and India.

Shaji Ul Mulk said the company’s joint venture project with Zamil Group is on track to begin production in 2013. “We have moved a full-time business development team and a director in Saudi Arabia to start work on marketing network for the project,” he said, adding that this year the company is consolidating the Saudi market from the UAE’s production facility.
Emal joint venture ready

In reply to a question, he said Mulk Holdings is going to sign a joint venture deal with Emirates Aluminium to set up a cable manufacturing facility in Abu Dhabi. “We are finalising the details and formal agreement is expected by the end of this month,” he said.

To a question, he said the company’s projects in the UAE and international markets are on track despite tough economic conditions across the globe.

“Mulk Holdings is stick to its expansion plans as the group met all the growth targets in 2011. We have bucked the recessionary trends as the group recorded 28 per cent growth in business last year,” he said.

Regarding the outlook, he said: “We are always positive about the future. The global economy is recovering from the recession, Eastern Europe is in a better shape, India is doing well and the UAE is progressing well on economic front.”
Solar power

Shaji Ul Mulk said the group is ready to accomplish a milestone next month when its 100 megawatts solar plant will be connected to Karnataka power grid in India.

“We will be the first company in Asia whose solar power plant will be connected to a grid station by the end of June. In first phase, state-of-the-art solar plant using parabolic mirror technology, will contribute 1.5 megawatt energy to Karnataka grid while another 1.5 megawatts will be added by December and further seven megawatts is expected to come online by June next year.”

“The first-ever 100 megawatts solar plant in India will be fully operational by December 2014,” he added.
Healthcare project

Shaji Ul Mulk said Mulk Healthcare’s maiden diagnostic centre at Dubai-Sharjah road received a tremendous response since its launch in October last year.

“The diagnostic centre with telemedicine capability has met the full-year target in its first four-month operations,” he said, adding that the group is expected to complete the chain of 12 centres across the Middle East by the end of next year.

“We are planning to launch two to three diagnostic centres in 2012. The next centre will be established in Jumeirah as soon as we complete the necessary approvals from the ministry concerned,” he said.

Mulk Healthcare announced last year to set up 12 diagnostic centres and multi specialty clinics in UAE, Saudi Arabia, Oman and Iran under a Dh150 million agreement.

“Identify the right location and getting the necessary approvals to set up these diagnostic centres were the main hurdle, but now everything is on right track and we are confident to complete the target by end of 2013,” he concluded.