$200m Emirates Float Glass LLC all set to commence operations by mid 2008

Set up with an investment of over $200m, the facility is located in Abu Dhabi, the capital city of the UAE.

The construction of the world class manufacturing facility is progressing as per schedule and the last few months have witnessed a huge momentum in activities with respect to civil, structural and machinery works. Major equipment and utility modules have arrived on site and installation is in progress for all process equipment. The synergy of integration and coordination with various agencies involved in this prestigious project has been exceptionally intensive and successful so far. The plant is expected to be in operation in the second half of 2008 delivering 600 tons of high quality float glass products per day.

The Board of Directors of EFG LLC reviewed the Construction & Commissioning activities of its Float Glass plant and expressed immense satisfaction at the overall progress of the project so far.

"We are delighted to announce that our management team, comprising of the finest industry professionals, is in place. We have also finalized a comprehensive plan for EFG, beginning with the procurement of raw materials through production to delivery including logistics solutions for our customers, which is ready to be set into motion,"

said Khalid Kalban, Chairman of the Board of Directors of EFG and MD&CEO of Dubai Investments PJSC.

Kalban added, "The plant will employ approximately 300 people and is expected to generate 1000 additional jobs in related supplies and logistics industries under phase 1, thereby supplementing the initiatives of the Federal Govt. towards industrial and economical development of the country."

"The recruitment drive for this special industrial sector was a challenge and has been successfully managed by EFG. An experienced yet diversified team of specialists from various top class manufacturing facilities is on board and the EFG team now constitutes a focused high-skill-base of individuals who are uniquely enabled to deliver world class services to this growing sector," stated Kalban.

"As an integral element of the roadmap towards creating a successful operation, the core team of EFG is currently undergoing specialized training on plant heating and other operational requirements at PPG's state-of-the-art manufacturing facilities in the USA and Canada. Practical training is one of the strategic strengths strongly promoted by EFG," added Kalban.

N.D. Mohanty, General Manager of EFG stated, "While the installation & commissioning of various sub modules and plant equipment are progressing well as per schedule, all the infrastructural facilities including availability of natural gas, power and other utilities have also been arranged for with the support of ZonesCorp, the nodal agency for facility creation at Industrial City of Abu Dhabi." Mohanty also added that all other strategies with regard to sourcing, supplementary infrastructure and company-wide business processes are also on the final drawing board."

He affirmed that the EFG team has gained tremendous experience in the areas of legal and governmental approval including formalities & mandates and approvals from government and local agencies including Civil Defence, Environment and the Municipality. It has also conducted extensive research into market needs, cost and hedging plans and the ground realities of creating such world class facilities.

Besides the presence of high-profile GCC investors on the Board of EFG LLC, the company is being managed by a team of highly competent, skilled and committed professionals from the Float Glass Industry adding excellent credibility and world class manufacturing practices to the company's resources.

In line with this vision and after the recent review, the Board of Directors of EFG has recommended and advised the EFG management to expeditiously commence its 2nd phase of expansion, speeding up the creation of a truly world class facility which is set to offer total glass solutions in this region, added Kalban.

"Having reviewed EFG's progress and taken into account current market dynamics, Dubai Investments and EFG have drawn up extensive plans for EFG. As the region continues to experience buoyant economic growth, EFG is well positioned to cater to the exacting needs of this evolving market and its expectations, and emerge as a world class player in the Middle East region," Mohanty concluded.