Under the terms of the agreement, Glass LLC will secure a 49 per cent share, 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.
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Dubai Investments, Qatari Firm To Launch $20m Glass Company
Glass LLC, the glass arm of Dubai Investments PJSC, has announced that it has recently partnered with Abdullah Abdul Ghani & Sons group of companies to launch a new $20 million (Dh73.46 million) Qatari-based glass company, in a move that aims to address the demand for glass and glass products in Qatar's flourishing construction industry.The announcement was made during a Press conference held yesterday in Doha.