Dubai Investment Park (DIP) has entered into an agreement with the Oman Construction Material and Trading (OCM) group to support construction of a new steel- processing factory under the Seven Seas industrial label.

Khalid Bin Kalban, Managing director and chief executive officer, Dubai investment, said- “DIP aims to bring varied property developments, from manufacturing industries to residential complexes, under a single umbrella.”

“We encourage a diversity of investments and are pleased to announce that the OCM will be setting up a world- class steel processing facility here. High quality is the touchstone that distinguishes all of the companies and factories operating in DIP. Seven Seas products which are known worldwide for their premium quality are adding further vigor to DIP’s diversified set” added bin Kalaban.

The Seven Seas label, which is believed to be the largest in the world for automated prefabricated cages, is wholly owned by OCM.

It was launched in Dubai in 1996 as the main trading arm for the group.

OCM diversified into specialised steel processing in 2001 by acquiring corporate technology, one of the largest units in the UAE for cutting and bending reinforcement bars.

Rohit Valrani, The group executive director, said of the forthcoming expansions: “We are committed to expanding and diversifying our product portfolio”.

The 61,000 square meter factory, set to commence operations in 2007 is expected to hire at least 300 workers to produce in excess of 15,000 Mt of steel a month