The construction sector has been one of the biggest casualties of the property downturn, and the industry's suppliers are also feeling the impact. Arkan Building Materials is one company with direct exposure to the sector that is struggling to find business.
Arkan's stock price has fallen 18 per cent since the start of the year, the greatest decline among stocks in its sector. Its trading volume is also down, says Wadah Al Taha, the chief investment officer at Al Zarooni Group in Dubai.
Arkan operates through its wholly-owned subsidiaries Emirates Cement Factory in Al Ain and Emirates Block Factory in Mafraq. Arkan's subsidiaries can produce 850,000 tonnes of clinker and 1.2 million tonnes of cement and concrete blocks annually.
The construction slowdown caused the company to report a net income of Dh2.7 million for the third quarter compared with Dh15.9m for the same period in 2010. Mr Al Taha expects the company's fourth-quarter results to be in line with the third quarter, at best.
Arkan's expansion plans, which were mapped out in the peak of the property boom, include the addition of dry mortar, a substance used to join bricks, and a lime plant.
Arkan's US$100m dry-mortar plant will have a production capacity of 1,000 tonnes per day and is expected to be fully operational in the second quarter of next year. Dry mortar is made from a combination of sand, limestone, cement and hydrated lime. The 57,000-square-metre facility is in Mafraq, a district on the outskirts of Abu Dhabi.
Arkan's lime plant, with a design capacity of 900 tonnes per day, is also expected to come online in the second quarter of next year. The facility is to be located in Al Ain Industrial Park.
"Looking a few years back when equity, commodity, construction and real estate market were booming, the plans of increasing capacity looked quite viable," Mr Taha said.
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
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SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
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The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
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COMPANY PROFILE
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Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
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The specs
Engine: 3.0-litre 6-cyl turbo
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The specs
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The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.