Fox Marble agrees joint venture with UAE flooring wholesaler
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Kosovo and Balkans-focussed marble producer Fox Marble has signed a joint venture agreement with Al Bab Al Mumtaz Group in the United Arab Emirates, it announced on Wednesday.
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The AIM-traded firm said Al Bab Al Mumtaz is a flooring wholesaler in the UAE and the wider Middle East and North Africa (MENA) region, with turnover in the region of AED 100m (£19.94m), and 27 retail outlets across the UAE, Oman and Rwanda.
Al Bab Al Mumtaz operates three warehouses in Sajaa, UAE, all of which can accommodate more than 200,000 square metres of material at any given time.
Under the agreement, Fox said it expected to supply Al Bab Al Mumtaz with marble tiles and slabs processed in its factory in Kosovo, for sale via its outlets.
The arrangement was expected to generate revenue of around AED 2m in its first year of operation of 2022, and AED 4m in 2023.
“This agreement is the product of long-term efforts to develop relationships within this region,” said chief executive officer Chris Gilbert.
“We look forward to a successful and productive relationship for both our companies, providing a solid footing for Fox Marble products in the region.”
At 1152 GMT, shares in Fox Marble Holdings were down 1.89% at 1.3p.