Staff Reporter
A NEW $20mn glass factory was yesterday launched in a joint venture between Glass LLC, the glass arm of Dubai Investments PJSC, and the Abdullah Abdul Ghani & Sons group of companies.
The company, to be based in Qatar, is part of a move to address the massive demand for glass and glass products in the Gulf state’s construction industry.
Under the terms of the agreement, Glass LLC will take up 49% share in the venture. The company will also provide technical and management expertise. This includes areas such as technology, licence, management and personnel.
The Abdullah Abdul Ghani & Sons group of companies will hold the remaining 51% share of the investment and provide the venture with local knowledge and support through its subsidiary A&C Abdul Ghani and Cardahi Construction and Installation Co. The latter is experienced in industrial projects in Qatar.
Operations are expected to begin within a year. The new company will be involved in a range of glass-making operations, including the supply of high-performance glass for architectural and construction purposes. It will 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,” said Khalid Kalban, managing director and CEO.
“The massive construction and real estate boom in Qatar has provided us with the perfect opportunity to proceed with our expansion programme.”
He added: “Being the first glass holding company in the Middle East and having set up several business interests in various countries, we will offer our unrivalled 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.”
Abdul Rahman Abdul Ghani, chairman Abdullah Abdul Ghani & Sons Group, was also upbeat about the new venture.
“We are delighted to finalise today this deal with Dubai Investments, a highly reputable company capable of achieving excellent results for our venture. We recognised 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,” he said
“Thanks to HH Sheikh Hamad bin Khalifa al-Thani, the Emir of Qatar, and his continuous support to the local business houses and major development planned for Qatar, the country’s glass industry will witness a huge increase in demand. With these favourable conditions, our new company will undoubtedly develop into one of the most advanced glass-producing establishment in the region.”
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