Tokyo-based nanotechnology pioneer M-TEchX has signed a $ 500 million deal with UAE-based BNP Group to set up a state-of-the-art nanofiber production plant in Jebel Ali, Dubai.
The plant will be operational by the end of next year and will generate hundreds of new jobs, the entities said on Wednesday in a joint statement.
Particularly beneficial to the UAE’s fast-growing knowledge economy and the wider Middle East, the nanofiber plant will bring vital knowledge transfer to UAE-based operators, they said.
It will allow regional companies to “start their own locally sustainable nanofiber business and create employment opportunities at all levels while making a substantial contribution to the“ Made in the UAE ”program”.
M-TEchX is known for inventing the supermaterial known as “magic fiber,” a special nanofiber made with nanotechnology that is only a few nanometers thick.
The size of the global nanotechnology market is expected to reach over $ 290.9 billion in 2028, up from $ 75.8 billion last year, with annual growth of around 18.3%, Emergen Research reported.
Invented and patented by M-TEchX, the magic fiber made its first appearance in the Middle East during the Planet Japan exhibition on the Expo 2020 Dubai site this month.
“Thanks to our presence at the show, we were able to have very concrete discussions with BNP Group and Sheikha Mouza Investment and Consulting, our local partners, regarding the establishment of our advanced nanofiber technology plant in the United Arab Emirates. Hiroyoshi Sota, Managing Director of M-TEchX, said.
“This scenario marks the start of our new business collaboration with the United Arab Emirates. “
The magic fiber is safe for medical use because the product does not contain harmful substances such as formaldehyde, arsenic, mercury or chromium, industry experts have said.
Capable of absorbing all kinds of oil from any surface in indoor and outdoor conditions, the Ultrafine Magic Fiber Sheets are also found to be beneficial in environmental situations involving marine oil spills and other environmental disasters. .
Updated: December 15, 2021, 5:34 PM