The remaining 19% stake will be held by Summit Corporate Services Ltd., representing defense contractors Rohde & Schwarz and Diehl of Germany.
Danway Fusion Glass' initial capital will be AED 10 million. The company will produce architectural and decorative glass as well as offer a wide range of novel and highly specialized glass processes including kiln-forming, laminating, sandblasting, screen printing, and back painting. There will be an additional AED 35 million invested to build a glass factory which will become operational by second half of 2006.
The idea behind this project is to fill in the gap of similar products which are not available locally but highly demanded due to the current construction boom witnessed in the UAE and the region.
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Another creative project formed under UAE Offsets Program
Danway LLC - a subsidiary of Emirates Holding - and UK's Fusion Glass Designs Ltd have joined hands to set a set up a joint venture under the UAE Offsets Program.The two companies will hold 51% and 30% stakes respectively in the new company Danway Fusion Glass LLC.