Dubai Investments partners with Abdullah Abdul Ghani & Sons to launch new USD 20 million Qatari-based glass company

The announcement was made during a press conference held on July 29th 2007 in Doha, Qatar.

Under the terms of the agreement, Glass LLC will secure the largest stake in the joint venture with 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.

"Being the first glass holding company in the Middle East and having set up several business interests in various countries, we will offer our unrivaled 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," Kalban added.

Glass LLC is the holding company for four Dubai Investments subsidiaries, including Emirates Glass LLC, the UAE's first integrated glass manufacturing and processing facility; Emirates Float Glass, one of the largest processors of flat architectural glass in the region; Lumiglass Industries, maker of automotive and architectural laminated glass products; and the Saudi American Glass Company, one of the Middle East's largest glass manufacturers.

"We are delighted to finalize today this deal with Dubai Investments, a highly reputable company capable of achieving excellent results for our venture. We recognized 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," said Abdul Rahman Abdul Ghani, Chairman of Abdullah Abdul Ghani & Sons Group.

"Thanks to His Highness Sheikh Hamad Ben 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 favorable conditions, our new company will undoubtedly develop into one of the most advanced glass-producing establishment in the region." Abdul Ghani added.

Abdullah Abdul Ghani & Sons group of companies has been a leading name in the growing business environment of Qatar since 1958, with activities in construction, trading, industry and real estate. By combining market understanding with business acumen, managerial expertise and a vision of corporate growth, the group has, over four decades, become one of the most successful businesses in Qatar.

Dubai Investments PJSC is the largest company listed on the UAE stock exchange, and operates with a paid-up capital of AED 2,170 million. With more than 12 years of successful experience in establishing, acquiring and strategically participating in corporate ventures throughout the UAE and internationally, DI has grown its portfolio to include 44 subsidiary companies and more than 23,500 shareholders.