Dubai Investments announces major expansion plan for Emirates Float Glass

The shareholders of EFG recently approved the implementation of a second float line, following a review of the construction and commissioning activities of the first plant, which is set to commence operations in the second half of 2008, and of the company's strategic plans for the future.

The shareholders, comprising high-profile investors from the GCC, expressed satisfaction with the overall progress of the project and were upbeat about the future initiatives of EFG.

"The approval of a second production facility is demonstrative confidence of the shareholders in the EFG management, and is equally an acknowledgement of the excellent overall progress of construction in the first phase," said Khalid Kalban, Chairman of the Board of Directors of EFG and the MD & CEO of Dubai Investments.

"This strategic expansion will significantly boost EFG's business readiness and enable the company to emerge as a truly world-class player in the regional glass solutions business."

"As the UAE's first integrated glass processing facility complex, EFG enjoys a considerable headstart in the specialized sector of float glass manufacturing. With a team of noted industry specialists complementing its state-of-the-art manufacturing facility, EFG is uniquely positioned to deliver high quality glass-based products and services that satisfy the needs of diverse market segments," Kalban added.

Emirates Float Glass is set to commence operations in the latter half of 2008.

The company will manufacture products that will cater to the needs of architectural, automotive and other segments in glass business.

"The construction of the second manufacturing plant will take EFG's total per-day production capacity to 1,200 tones, and will considerably enhance the company's operational performance by delivering unparalleled scalability and flexibility.

We are positive that we can live up to the high expectations of the shareholders and launch EFG on a path of sustained profitable growth" Kalban concluded.

The main investors in Emirates Float Glass include Dubai Investments Industries LLC, Al Nasser Investments LLC, Al Fahim, Al Rostamani Enterprises, Capital Glass, Kuwait-based firm AMWAI International Investment Company, Oman-based Suhail Bahwan Group and Boubyan Petrochemicals Company.