LONDON, UK: Fox Marble has signed a joint venture agreement with Al Bab Al Mumtaz Group in the United Arab Emirates.
Al Bab Al Mumtaz Group is a wholesaler of flooring solutions to customers in the UAE and MENA region with turnover in the region of AED 100m (circa €23 million) and has 27 retail outlets across the UAE, the Sultanate of Oman and Rwanda.
Al Bab Al Mumtaz Group operate three warehouses in Sajaa, UAE all of which can accommodate over 200,000 sqm of materials at any given time.
Al Bab Al Mumtaz Group was established in 2006 by Ibrahim Kutty. The company supplies a wide variety of marble, granites, ceramic, vinyl, carpet parquet and other natural stones from sources from all over the world.
Under the agreement it is anticipated that Fox Marble will supply Al Bab Al Mumtaz Group with marble tiles and slabs processed in its factory in Kosovo, for sale via its range of outlets in the region. The arrangement is expected to generate revenue in the region of AED 2m (€0.50m) in its first year of operation of 2022 and AED 4m (€0.95m) in 2023.
Chris Gilbert, CEO, commented: “This agreement is the product of long-term efforts to develop relationships within this region. We look forward to a successful and productive relationship for both our companies, providing a solid footing for Fox Marble products in the region. “
This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse