UAE-based Al Rashed Peikko said its sales and production unit, Peikko Gulf, has started building a new factory and warehouse premises on an industrial plot in Ras Al Khaimah, UAE, at an investment of around $4.7 million.

Al Rashed Peikko is a joint venture between Peikko Group Corporation, a global supplier of slim floor structures and connection technology for precast applications, and Rashed Abdul Rahman Al Rashed & Sons Group, a leading investment, trading and industrial conglomerate in Saudi Arabia.

The new 11,500-sq-m factory and warehouse will come up on an industrial plot located in Ras Al Khaimah. The land leasing agreement for the plot was signed in October 2017, said the company in a statement.

The new factory consists of over 3,000 sq m of production and warehousing space and includes modern office facilities. Al Rashed Peikko said the factory is likely to be operational during the first quarter of 2019.

The growth of Peikko’s operations in the Middle East has been remarkable in the past years and the demand is constantly increasing, said a senior official.