Dubai-based Emirates Extruded Polystyrene (EEP) plans to add a new production line to double its polystyrene sheets capacity over the next two years.
The company, a subsidiary of Dubai Investments, will boost capacity at its Dubai Investments Park site to 2.4 million square metres a year (sm/y).
EEP is currently utilising 80 per cent of its current 1.2 million sm/y capacity but plans to increase production to meet growing demand from the UAE and GCC markets, where it has a 30 per cent market share, the company said.
The company expects a sharp surge in demand for insulation materials coinciding with the start of new Dubai Expo 2020 markets in the next two or three years.
EEP is joint venture of locally listed Dubai Investments and the Farha Brothers of Cloisall Company. It first started production in September 2007.
Dubai Investments is considering an increase of its foreign ownership limit from 20 per cent to 35 per cent, MEED reported in March.