Sharjah-based producer of aluminum and renewable energy solutions provider, Mulk Holdings announced the investment of Dh73 million ($20 million) in Europe.

It has acquired 10 acres in Serbia and will invest $20 million to set up a new production facility there.

"This strategic move is in line with the company's continued expansion programme of establishing manufacturing plants close to demand markets," a company statement said.

The facility situated in Banatski Karlovac, Serbia, 60 kilometres from Belgrade, will have a production facility with a 3,000 square metre office and showroom space and 10,000 square metres of production area which will be built in several phases.

Shaji Ul Mulk, chairman of Mulk Holdings International, said, "Our investment in Europe started last year with the establishment of Alubond Europe in Pancevo, Serbia in a leased facility. We made this investment in Europe during the global recession and surprised many by this aggressive move.

"I am lucky to have able leaders such as Sanja Uzelac and Violeta Svilokos who have shown exemplary commitment and drive to make Alubond Europe a success story. 

"We are now encouraged to invest further by acquiring this new asset and increasing our capabilities in Europe.

"Our new expansion will create employment opportunities and further investment to assist the government in its aims to promote international investment and improve the economic standards of the local municipality."