AkzoNobel has underlined its growth ambitions for the Middle
East after signing an expanded joint venture agreement with the
Yusuf Bin Ahmed Kanoo group of companies, the company said on
The new deal strengthens the existing joint venture between
AkzoNobel and Kanoo, which only covered the supply of the
company's International Paint brand, along with coil
and packaging coatings.
Under the terms of the new expanded agreement, AkzoNobel will
offer products from across its performance coatings portfolio,
including professional woodcare, automotive refinish, marine,
yacht, fire protection, protective and powder coatings.
"We are very pleased to build on our long-standing
relationship with the Kanoo family by signing this agreement,"
said Leif Darner, AkzoNobel's executive
committee member responsible for performance
"It will give us a firm foothold in the Middle East and a solid
platform from which to deliver on our ambitious growth strategy
in the region. We see many opportunities for our products and
services to supply the construction, oil and gas and
transportation sectors in the Middle East and this deal will
ensure that we are better placed to serve our customers."
Mishal Kanoo, deputy chairman for Kanoo in the UAE and Oman,
added: "Our relationship with AkzoNobel goes back over 30 years
and we look forward to supporting the company in its ambition
to be a leading supplier of performance coatings in both the
UAE and Saudi Arabia."
AkzoNobel currently employs more than 200 people across its
two main plants in the Middle East. Both sites are planning
increased investments to support the enlarged business
portfolio, with work on a new powder coatings facility in Dubai
having already started.