Emirates Float Glass holds financial closing ceremony

Subsequent to the financial closing ceremony, Emirates Float Glass held its first shareholders' meeting, which was followed by a meeting of the company's Board of Directors to deliberate the status updates and to arrive at an implementation strategy for the successful execution of the AED 692 million Emirates Float Glass project in Abu Dhabi.

Commenting on the financial closing ceremony, Khalid Kalban, Managing Director and CEO of Dubai Investments PJSC, said, "With this move, we take a major step forward in putting Emirates Float Glass on a firm financial footing. Furthermore, by holding the first shareholders meeting as well as a meeting of the Board of Directors to finalize key implementation strategies, we demonstrate our resolve to expedite the project's completion and bring it on-stream at the earliest to facilitate faster return-on-investment for investors."

"We thank all shareholders for their commitment to the success of Emirates Float Glass, and we will make sure that they are taken into confidence on any important decision concerning the project," Kalban added.

The financial closing ceremony comes close on the heels of another important landmark achieved by Emirates Float Glass - the signing of an AED 322 million credit facility agreement with Emirates Bank International, a leading international bank. Emirates Float Glass has also signed a partnership agreement with a group of leading investors from Dubai.

Emirates Float Glass is envisaged to manufacture products catering to the needs of architectural, automotive and other segments in glass, and will have an annual capacity of about 160,000 tons of glass products. Located at the Industrial City of Abu Dhabi, the daily production capacity of the plant will be 600 tons of glass. The state-of-the-art manufacturing facility is expected to be on-stream by end 2007.

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