SALES OF AFICO INSULATION PRODUCTS UP 20% IN GCC AS OIL PRICE RISE FUELS CONSTRUCTION BOOM

Dammam, November 2004 – Arabian Fiberglass Insulation Company (AFICO) – a member of the Amiantit Group –, prime sponsor of the 2nd Annual Insulation Conference in Dubai, is enjoying record sales throughout the GCC due to increased construction activity enabled by the rise in oil prices.

“Its a mini-boom that looks back to 25 years ago when oil prices soared to an unprecedented high and the Gulf was awash with surplus petrodollars,” said Aiman Taimah, AFICO Marketing and Sales Manager. “However, today’s market is much more sophisticated and discerning than those early years and the demand is for quality products such as those produced by AFICO. In fact AFICO quality is so superior that the company now exports to Europe - reversing the previous reliance on imported products - with the added advantage of competitive pricing due to the value of the Euro against the US Dollar and the Saudi Riyal. “

An ISO 9002 certified company for more than ten years, AFICO has recently secured new ISO 9001-2000 certification and was certified for ISO 14001 in August 2004. In addition, the company is the first in the Eastern Province of Saudi Arabia to get such a certificate through TUV Germany.

AFICO has supplied its high quality thermal and acoustical insulation products to many major projects in the UAE, including Dubai Marina Phase 2, Al-Nakheel Garden Furnished Apartments, Arabian Ranches, Al-Raha Resort, the Dubai Trade Center Convention and Hotel projects, various Green Community projects, villas in the Jumeira Island project, Itisalat Tower and Trade Centre, Emmar Headquarters Building, the Abu Dhabi Conference Palace extensions, and Tabreed Cooling Plant in Abu Dhabi.

Currently, AFICO is supplying many construction projects in Iraq and is looking forward to continuous business as the country rebuilds its infrastructure.

As a company with a policy of corporate social responsibility, AFICO is promoting the advantages of using insulation materials in terms of energy conservation, protecting the environment, and contributing to the well being of people. This includes long term cost savings, an aspect that will be considerably enhanced in the coming year when AFICO introduces its Total Solution Systems which are designed to supply a variety of markets with efficient and cost-effective wall, roof and ceiling insulation packages for a wide range of projects.

AFICO is a member company within the Amiantit Group and owes its position as one of the region’s main manufacturers of thermal and acoustical insulation products to the fact that Amiantit is the world leader in fibreglass manufacturing technologies. Its foremost place in the industry is demonstrated by the fact that AFICO was responsible for the formation of the Fiberglass Insulation Manufacturing Association (FIMA), a group that comprises manufacturers and representatives for engineering firms, contractors and distributors.

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