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Q2 net profit fell by 18% to $637 million.

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Total income rose by 12 percent in the same period.

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One of world’s largest carpet factories coming up in Dubai

    • The solar-powered facility will enable Standard Carpets to increase production capacity by 40 percent and produce and additional 400 tons of yarn per month

    • The plant will divert waste away from landfills and reduce water consumption with smart sustainability solutions

    Dubai: A carpet manufacturing plant, which is touted to become one of the world’s largest carpet factories in 2023, is being built at the Dubai Industrial City.

    Standard Carpets, the largest producer and exporter of broadloom carpets, carpet tiles and artificial grass in the gulf region, said on Tuesday that groundbreaking of the new plant has been held.

    The new solar-powered plant covers a total land area of more than 3 million sq. ft and will enable Standard Carpets to increase production capacity by 40 percent and produce an additional 400 tons of yarn per month in the first phase of the development.

    Standard Carpets’ new factory plans to harness the latest advances in carpet-making equipment and technology with in-house yarn extrusion, twisting-cabling and heat-set facilities.

    It will generate enough renewable energy to meet more than one-third of its electricity consumption with a massive solar rooftop, divert waste away from landfills and reduce water consumption with smart sustainability solutions, the company said in a statement.

    Gulu Waney, Chairman, Standard Carpets, said since establishing the region’s largest carpet factory in Dubai Industrial City in 2014, the company has increased its portfolio of quality products and reached new markets in more than 60 countries, including Australia, New Zealand, Saudi Arabia and the US.