Dubai, Nov 29 (IANS): Toshiba Elevator, a unit of Japanese conglomerate Toshiba Corporation, Tuesday said it has set up a new firm aimed to expand its operation in the Middle East region.
The new firm, Toshiba Elevator Middle East, will help the company's expansion in the booming real estate markets in the Gulf and Middle East region, Shinichiro Akiba, president and CEO of Tokyo-based Toshiba Elevator and Building Systems Corporation, said in a statement.
Earlier, Toshiba Elevator business in the Gulf region was handled by Dubai-based company Dhaher Al Muhairi.
Shareholders of Toshiba Elevator and Building Systems Corporation Monday agreed to acquire controlling stake in Dhaher Al Muhairi and rename the company as Toshiba Elevator Middle East.
Toshiba Elevator has global presence and completed several high-profile projects, including Guinness Record-holding fastest speed elevator in Taipei Financial Centre, which was completed in 2005. The record still stands.
Commenting on the future plans, Akiba said Toshiba Elevator targets to break its own Guinness Record.
"We are keen on surpassing our own Guinness Record by supplying still faster elevators and eagerly inviting interested clients to come up with the plan to break the current Guinness record of 1,010 mm installed by Toshiba Elevator at Taipei Financial Centre," he said.
Toshiba Elevator has appointed M.J. Mohamed Iqbal as its representative for the Middle East region. He will spearhead the company's expansion in the region.
Iqbal said the company sees huge business opportunities in the Middle East as the real estate sector was booming in the region.
"Requirements for elevators have never been so high and it will continue to grow. We see huge growth opportunities in this region," he said.
The company has outlined a grand plan of expansion in the Middle East region, especially in the Gulf Cooperation Council (GCC)countries.
Officials said Toshiba Elevator was working on several projects in Saudi Arabia and Oman and was in an advance state of finalisation of projects in Qatar and other countries in the Gulf region.
Dhaher Al Muhairi Co, in association with Toshiba Elevator, has completed several prestigious projects for clients like Nakheel, completing 420 sets of elevators in Dubai.
The mega project involving 14 towers with 60 high-speed gearless elevators was completed at a contract price of nearly 110 million United Arab Emirates dirham. The project is located at Marina Square, Abu Dhabi.
The company is also involved in executing prestigious towers in City of Lights, Reem Island and other parts of Abu Dhabi, with contract value of about 101 million United Arab Emirates Dirham.