Abu Dhabi Islamic Bank provides Dhs200m finance facility to RAK Ceramics

The agreement was signed at Ras Al Khaimah (RAK) by Ibrahim Al Sane, Executive Vice President Corporate Banking Group in ADIB and Dr. Khater Massaad, CEO of RAK Ceramics.

Tirad, said:

"We are pleased to cooperate with RAK Ceramics, one of the leading global companies that operate in the ceramic manufacturing sector. It is known globally as a one of the top producer of high quality ceramics and sanitary ware. We are pleased to support their financing needs as part of the ADIB vision to support the industrial sector in UAE."

Dr. Massaad added, "For over 20 years, RAK Ceramics has committed to improving the quality and profitability of our operations by using the most optimum technology and materials. Our products are accepted and respected in over 130 countries today. We welcome the efforts of ADIB to provide innovative financial products to realize the industrial and export development potential of UAE and to support industrial development of Ras Al Khaimah."

RAK ceramics has 10 tiles and two sanitary ware factories in RAK and five tiles and two sanitary ware factories outside the UAE. It has marketing and distribution companies in Italy, Germany, France, UK, Australia, Georgia, India and Saudi Arabia.

Its global production capacity is 325,000 square meters of tiles per day and 12,000 pieces of sanitary ware per day. Its manufacturing complex in RAK is one of the largest in the world. Its turnover in 2008 exceeded Dhs2.7bn.