DuPont Opens Office in Abu Dhabi, United Arab Emirates
Seventh Office in Middle East Emerging Market will Focus on Oil & Gas Industry.
Abu Dhabi, United Arab Emirates (Vocus/PRWEB ) November 4, 2008 -– As a part of its continued growth strategy in emerging markets, DuPont today announced the opening of its second office in the United Arab Emirates (UAE). The Abu Dhabi office will focus specifically on strengthening the company’s relationships with the oil and gas industry. Additional markets include building and construction, automotive coatings, agriculture and food.
This investment adds to the strong presences the company has built in the region including long established offices in Istanbul, Turkey; Cairo, Egypt; Karachi, Pakistan; Dammam and Jeddah in Saudi Arabia, and an additional office in Dubai, UAE. The first office, in Istanbul, opened in 1992 and remains the hub for DuPont in the region.
“The Middle East is one of the fastest growing markets for DuPont today,” said Ian Hudson, president – DuPont Europe, Middle East and Africa. “DuPont sales in the UAE have increased more than 50 percent since this time last year. In the area of oil and gas alone, we have grown 20 percent annually over the past five years. DuPont has a number of innovations that are critical to meeting customer needs in the region. This new office will help us leverage our technology and strengthen our market presence.”
The Europe, Middle East and Africa (EMEA) region, and Eastern Europe and the Middle East, in particular, contain most of the oil and gas producing assets and more than 70 percent of known reserves in the world. Exploration in remote and technically challenging areas has increased. DuPont sells products totaling more than $30 million (USD) into this industry in EMEA alone and estimates that the total opportunity for DuPont in the region exceeds $1 billion (USD).
DuPont businesses serving the oil and gas industry include DuPont Powder Coatings, DuPont Titanium Technologies, DuPont Personal Protection, DuPont Chemical Solutions Enterprise, DuPont Nonwovens and DuPont Safety Resources. DuPont provides the oil and gas industry with solutions in anti-corrosion, safety productivity, protective coatings, blasting abrasives, personal protection solutions, industrial cleaning solutions, landscaping solutions, fire extinguishing solutions and safety consulting.
DuPont sales in emerging markets grew at a compounded annual growth rate of 16 percent to just under $8 billion (USD) between 2003 and 2007 and have grown to represent about 25 percent of total company sales. The company’s approach to growth in these markets focuses on three key development cycles used in a country or sub-region: securing and building market access; strengthening capabilities to serve local customers and upgrading routes to market; and optimizing its market presence. Looking to the future, the company expects our emerging markets footprint to continue to grow at double digit pace and provide above trend-line growth opportunities.
DuPont is a science-based products and services company. Founded in 1802, DuPont puts science to work by creating sustainable solutions essential to a better, safer, healthier life for people everywhere. Operating in more than 70 countries, DuPont offers a wide range of innovative products and services for markets including agriculture and food; building and construction; communications; and transportation.
Forward-Looking Statements: This news release contains forward-looking statements based on management’s current expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the company’s strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like “expects,” “anticipates,” “plans,” “intends,” “projects,” “indicates,” and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in DuPont’s filings with the Securities and Exchange Commission, particularly its latest annual report on Form 10-K, as well as others, could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions of countries in which the company does business; competitive pressures; successful integration of structural changes, including acquisitions, divestitures and alliances; research and development of new products, including regulatory approval and market acceptance, and seasonality of sales of agricultural products.
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