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AkzoNobel will expand its presence in the Middle East after it signed an expanded joint venture agreement with the Yusuf Bin Ahmed Kanoo group of companies
The deal will expand the two firms' current joint venture, which covers the supply of the AkzoNobel's International Paint brand, by adding products from its Performance Coatings range.
AkzoNobel executive committee member responsible for Performance Coatings, Leif Darner, remarked, "[This deal] will give us a firm foothold in the Middle East and a solid platform from which to deliver on our ambitious growth strategy in the region.
"We see many opportunities for our products and services to supply the construction, oil and gas and transportation sectors in the Middle East and this deal will ensure that we are better placed to serve our customers."
The Dutch-based paints company already has plans in place to increase capacity at its two main plants in the Middle East, at which it currently employs more than 200 people.
Mishal Kanoo, Kanoo deputy chairman for the UAE and Oman, added, "Our relationship with AkzoNobel goes back more than 30 years and we look forward to supporting the company in its ambition to be a leading supplier of performance coatings in both the UAE and Saudi Arabia."