GasCities Limited, a joint venture between UAE's Crescent Petroleum and Dana Gas, and Saudi Arabian Construction Products Company International (CPC International), announced the formation of a joint venture company that will develop, construct, and operate industrial parks focusing on Middle East, North Africa and South Asia region (MENASA). The venture, signed Tuesday by Badr Jafar, Chairman of Gas Cities and President of Crescent Petroleum; and Mu'taz Sawwaf, CEO of Construction Products Company International (CPC International), will also manage all the utilities requirements of the industrial parks including electricity, gas, water, and wastewater. The joint venture will prioritize industrial park projects in Iraq, and will immediately initiate the feasibility study of its first project in the country. The venture also agreed to study the establishment of a new industrial Park in the Arab Republic of Egypt within the new phase of industrial developers program which is expected to be launched in 2013. The partnership has also agreed to study the entry to the field of industrial development in other countries such as the Arab Maghreb countries and East Asian countries. The joint venture is a limited liability company where CPC will hold 60 percent and GasCities will hold 40 percent of the shares at the outset. “When you consider the core competences that our respective companies bring to the table including our industrial park experience; utilities expertise; our regional footprint; and most importantly, our mutual commitment to provide a comprehensive one-stop solution to our customers – it is clear that this joint venture with CPC makes perfect sense,” said Badr Jafar, Chairman of GasCities and President of Crescent Petroleum. Sawwaf said developing industrial parks will be a major part of CPC business in the coming few years due to the rapid increase of demand on industrial lands in the MENA region. “We believe that industrial parks are a major tool for rapid industrial and economic development of the MENA region countries,” he added. — SG
