January 24, 2008

Spark Trading to build US$60-million grain facility in UAE

Spark Trading DMCC (Dubai Multi Commodities Centre) announced to invest US$ 60 million to set up grain storage facility at Saqr Port.

The UAE government on Tuesday signed a land lease agreement with Spark Trading, part of the US$2-billion Cairo Three A Group, to build a dedicated food and feed grain storage and distribution facility at Saqr Port in Ras Al Khaimah.

Spark Trading will occupy 30,000 square metres of land at Saqr Port on a 25-year lease, where the company would build and operate modern storage and discharging facilities for the import, distribution and re-export of food grains and feed grains.

Sheikh Saud said that government of Ras Al Khaimah attached prime importance towards upgrading the logistics facilities of the UAE, which would add to its competitive advantages as an industrial and manufacturing hub.

Spark Trading would receive its first vessel at Saqr Port on January 28, carrying 17,000 tonnes of yellow corn from the US. The new facility is expected to complete construction within one year.

Saud said that the Saqr Port facility would cater to Spark Trading's operations in UAE and other Gulf countries as well as re-exports to regional markets.