QIMC to be founding partner of Gulf Glass Factory
November 29 2018 09:16 PM
QIMC

Doha

*The total cost of the project's first phase has been estimated at QR238mn

Qatar Industrial Manufacturing Company (QIMC) will participate in the local Gulf Glass Factory as a founding partner “with a participation of 50% of its capital.”

The total cost of the first phase of the project is estimated at QR238mn. It will be financed by a local bank.

The project will specialise in the production of various glass containers and, the design capacity of the project in the first phase will be 200 tonnes a day. In the second phase, the capacity will scale up to 450 tonnes a day, QIMC said on Thursday.

The project will use locally washed sand as the main raw material and natural gas as energy source for melting raw materials.

QIMC chief executive officer Abdulrahman A al-Ansari said, “This project comes within the strategy of the Qatar Industrial Manufacturing Company’s continuous endeavour to serve the national economy by establishing projects of high economic value that contribute to the diversification and integration of the industrial sector in Qatar benefiting from the natural resources available. It helps to supply industrial products for many other projects too.”

QIM said, “It is estimated that the profitability of the project will be about 14% (IRR) and the payback period will be about 6 ½ years from the start of production.”



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