Dubai Investments Announces Launch Of Glass LLC, The Region's First Glass Holding Company

Dubai Investments PJSC (DI) has announced the launch of Glass LLC, its new corporate arm dedicated to meeting the growing needs of the regional glass industry.

Glass LLC is also the first glass holding company in the Middle East.

Glass LLC will incorporate the four DI subsidiary companies: Emirates Glass LLC, which is one of the largest processors of flat architectural glass in the region; Emirates Float Glass, the UAE's first integrated glass manufacturing and processing facility being built in Abu Dhabi; Lumiglass Industries, makers of automotive and architectural laminated glass products; and the recently-acquired Saudi American Glass Company, which is one of the Middle East's largest glass manufacturers.

'The unprecedented growth in the regional real estate, automotive and industrial sectors has generated massive demand for high-performing, eco-friendly and technologically superior varieties of glass. Industry estimates put the size of the GCC glass market at 1.1 million tonnes. However, current supplies stand at 150,000 tonnes while future supplies are projected at 450,000 tonnes, leaving a shortfall of 650,000 tonnes,' said Khalid Kalban, Managing Director and Chief Executive Officer, Dubai Investments.

'Dubai Investments' new arm, Glass LLC has been formed in order to cater to the increasing demand for glass products in the region, particularly from the booming construction and real estate sector. In the UAE alone, the construction industry's expenditure on infrastructure and real estate projects is expected to reach AED 850 billion over the next five years. Similar large-scale projects are being built across most of the GCC states, which will result in projected expenditure of AED 31 billion on glass products alone,' he added.

Dubai Investments has considerable technological know-how and experience in glass-manufacturing and will exploit this expertise to bring innovative products into the market. Glass LLC will focus on developing the regional glass industry and will further contribute to DI's expansion activities in 2007 as in the near future more glass companies will be added' he observed.

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600450 Dubai Investments Announces Launch Of Glass LLC, The Region's First Glass Holding Company
Date: 21 December 2006

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