Qatar Son 333
July 30th, 2007, 04:27 PM
http://www.thepeninsulaqatar.com/images/July2007/17gla.jpg
DOHA • With construction here in the midst of a boom phase, there has now been a timely move to set up a glass factory in the city's Industrial Area at a cost of $20m.
The manufacturing unit will be a joint venture between Glass, the glass-manufacturing arm of Dubai Investments (DI) and the local Abdullah Abdul Ghani and Sons group of companies. The first sheets of glass are expected to be produced in approximately 12 months’ time.
Initial capacity is expected to be 500,000 square meters of double glazed glass per annum. However, this figure will rise to keep pace with the country's growing demand. Right now, there is a 60 to 70 per cent shortage of glass in the country.
Under the terms of the agreement, Glass will hold a 49 per cent stake and in return will also provide technical and management expertise, including transfer of know-how, technology, licence, management and personnel.
For its part, the Abdul Ghani group will secure the remaining share of investment and will provide the venture with local knowledge and support, mainly through subsidiary company A and C Abdul Ghani and Cardahi Construction and Installation Company in establishing industrial projects in the country.
Addressing media yesterday, DI Chief Executive Officer (CEO) and Managing Director Khalid bin Kalban said: “We have been looking for serious partners in Qatar for the past 18 months. Now we have found a partner, we are keen to make this venture successful. The aim is to be the largest glass company in the Middle East and in 12 months we hope to be the largest in the region.”
Kalban added: “We have a 12-15 per cent market share through our subsidiaries and aim to be the dominant force in the Qatari market.”
Abdullah Abdul Ghani and Sons Chairman, Abdul Rahman Abdul Ghani, said the project will be totally environment-friendly, given the country's strict attitude on such matters. He said that these days, for any new project to come up, tough questions related to the environment-friendliness of the venture have to be answered by any promoter.
Glass is the holding company for four DI subsidiaries - Emirates Glass, Emirates Float Glass, Lumiglass Industries and Saudi-American Glass Company.
DI, is the largest company listed on the UAE stock exchange and has a paid-up capital of 2.17bn UAE dirhams and a market capitalisation of 10bn dirhams.
DOHA • With construction here in the midst of a boom phase, there has now been a timely move to set up a glass factory in the city's Industrial Area at a cost of $20m.
The manufacturing unit will be a joint venture between Glass, the glass-manufacturing arm of Dubai Investments (DI) and the local Abdullah Abdul Ghani and Sons group of companies. The first sheets of glass are expected to be produced in approximately 12 months’ time.
Initial capacity is expected to be 500,000 square meters of double glazed glass per annum. However, this figure will rise to keep pace with the country's growing demand. Right now, there is a 60 to 70 per cent shortage of glass in the country.
Under the terms of the agreement, Glass will hold a 49 per cent stake and in return will also provide technical and management expertise, including transfer of know-how, technology, licence, management and personnel.
For its part, the Abdul Ghani group will secure the remaining share of investment and will provide the venture with local knowledge and support, mainly through subsidiary company A and C Abdul Ghani and Cardahi Construction and Installation Company in establishing industrial projects in the country.
Addressing media yesterday, DI Chief Executive Officer (CEO) and Managing Director Khalid bin Kalban said: “We have been looking for serious partners in Qatar for the past 18 months. Now we have found a partner, we are keen to make this venture successful. The aim is to be the largest glass company in the Middle East and in 12 months we hope to be the largest in the region.”
Kalban added: “We have a 12-15 per cent market share through our subsidiaries and aim to be the dominant force in the Qatari market.”
Abdullah Abdul Ghani and Sons Chairman, Abdul Rahman Abdul Ghani, said the project will be totally environment-friendly, given the country's strict attitude on such matters. He said that these days, for any new project to come up, tough questions related to the environment-friendliness of the venture have to be answered by any promoter.
Glass is the holding company for four DI subsidiaries - Emirates Glass, Emirates Float Glass, Lumiglass Industries and Saudi-American Glass Company.
DI, is the largest company listed on the UAE stock exchange and has a paid-up capital of 2.17bn UAE dirhams and a market capitalisation of 10bn dirhams.