The Israeli company already has subsidiaries in the UK, France, the US, Canada, Mexico, the Czech Republic, Argentina, Turkey, Slovenia and the Netherlands.
By JERUSALEM POST STAFFThe new SMARTair lock system from Mul-T-Lock (photo credit: Courtesy)
Mul-T-Lock Group plans to establish a subsidiary in the UAE with an investment of about $1.5 million.The Israeli company, a world leader in the field of locking solutions, already has subsidiaries in the UK, France, the US, Canada, Mexico, the Czech Republic, Argentina, Turkey, Slovenia and the Netherlands.“The United Arab Emirates is the business capital of the Gulf, and the opening of a subsidiary in Dubai has tremendous potential for new business opportunities for the group,” Mul-T-Lock Group CEO Shmulik Shternshus said in a press release.The Dubai branch initially will employ about 10 local workers and hopes to have a staff of 40 within three years, Mul-T-Lock said.It intends to establish branches in neighboring countries and manage its exports to Arab countries from the Dubai branch, including to Jordan and Egypt.The Dubai branch’s annual volume of exports is expected to be about $20m. in the first three years, Mul-T-Lock said. The average volume of exports for each Mul-T-Lock company over the past year was an estimated $100m., it said.
