Posted by Neil King
Al Fajer Information & Services has revealed that the value of machinery deals at its Dubai-based ArabPlast 2011 event reached AED 4.61 billion, with European and far Asian companies the main parties involved.
Satish Khanna, general manager at Al Fajer Information & Services, said there had been a huge turnout from regional plastics factories.
"The governments of the GCC are opening the doors wide for plastics producers and these factories are grabbing the opportunity to produce plastics domestically," he added.
"Petrochemical companies in the GCC are also supporting the plastics producers to enhance their competitiveness and export their products."
Al Fajer also disclosed that ArabPlast 2010, together with Tekno Tube Arabia 2011, attracted 18,680 visitors from 107 countries.
The news comes after leading plastics solutions developer Borouge recently revealed its expansion plans for the UAE.
The company, which is a joint venture between the Abu Dhabi National Oil Company and Austria-based Borealis, said it was currently investing in a new Innovation Centre in Abu Dhabi and had recently expanded the annual capacity of its plant at Ruwais, Abu Dhabi to two million tonnes of polyolefins.