DI, Qatar firm in $20m glass venture
Doha, July 29, 2007
Glass LLC, a unit of Dubai Investments, has launched a $20 million Qatar-based glass company in partnership with Abdullah Abdul Ghani & Sons group of companies.
The new firm aims to address the massive demand for glass and glass products in Qatar's flourishing construction industry.
The announcement was made during a press conference in Doha today (July 29).
Under the terms of the agreement, Glass LLC will secure a 49 per cent stake in the joint venture, and in return will provide technical and management expertise, including transfer of know-how, technology, licence, management and personnel.
Abdullah Abdul Ghani & Sons Group of Companies will secure the remaining share of the investment and will provide the venture with the local knowledge and support mainly through its subsidiary A&C Abdul Ghani & Cardahi Construction and Installation Co., experienced in establishing industrial projects in Qatar.
When operations begin in the near future, the new company will produce, cut, temper, laminate, assemble and supply high-performance glass for architectural and construction purposes in Qatar, and eventually expand its operations region-wide.
'Dubai Investments is pleased to be at the forefront of another key regional partnership, which will help us effectively deal with the shortfall of high-quality and environmentally friendly glass in Qatar. Dubai Investments has been very keen on expanding its presence in the region, and the massive construction and real estate boom in Qatar has provided us with the perfect opportunity to proceed with our expansion program,' said Khalid Kalban, managing director and CEO, Dubai Investments.
“Being the first glass holding company in the Middle East and having set up several business interests in various countries, we will offer our unrivaled expertise in flat glass processing and assembly, industrial management, and involvement in the glass industry. Abdullah Abdul Ghani and Sons will be one of the joint venture's key elements because of the company’s strong relations with business and government offices, as well as key figures in the construction and financial sectors in Qatar,” Kalban added.
Glass LLC is the holding company for four Dubai Investments subsidiaries, including Emirates Glass, the UAE's first integrated glass manufacturing and processing facility; Emirates Float Glass, one of the largest processors of flat architectural glass in the region; Lumiglass Industries, maker of automotive and architectural laminated glass products; and the Saudi American Glass Company, one of the Middle East's largest glass manufacturers.
“We are delighted to finalize today this deal with Dubai Investments, a highly reputable company capable of achieving excellent results for our venture. We recognized the demand for highly adaptable, superior quality glass products, and we are confident that we are well positioned to acquire a large percentage of the market based on our long term vision, and unwavering commitment to quality,” said Abdul Rahman Abdul Ghani, chairman of Abdullah Abdul Ghani & Sons Group. – TradeArabia News Service