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QATAR INDUSTRIAL MANUFACTURING SIGNING WITH DOHA BANK TO OPEN FACTORY

02 September 2019 03:02 PM
QATAR INDUSTRIAL MANUFACTURING SIGNING WITH DOHA BANK TO OPEN FACTORY

 
Qatar Industrial Manufacturing Company (QIMC) announced the signing of an agreement with Doha Bank to finance its project, The Gulf Glass Factory (GGF), for the production of glass containers (bottles and Jars). Participating in the ceremony on behalf of the Gulf Glass Factory Company was Mr. Abdul-Rahman Abdullah Al Ansari, Chairman of GGF and CEO of Qatar Industrial Manufacturing Company (QIMC), and on behalf of Doha Bank was Dr. Seetharaman, the Chief Executive Officer.
The project specialise in the production of glass containers of different sizes and designs used in bottling beverages (water, juices, dairy, soft drinks) and foodstuffs (pickles, oils, sauces, honey). The design capacity of the project is 200 tons/day and the project is designed to add a second line with the same capacity to bring the total capacity to 400 tons/day in the future. The products will be marketed in the Qatari market and in neighboring markets (especially Lebanon, Jordan and Iraq) as well as international markets. The cost of the project is estimated to be about QR 230 million.
All technical, market and environmental studies for the project have been completed and all necessary licenses and approvals have been obtained, including a suitable plot of land within the SME area of Doha. A specialised Italian company has been selected to design the factory's facilities and production lines and supply and install all its basic equipment.  A contract has also been signed with a local consultant office to carry out architectural design and supervision of the execution of civil construction work. A contract will soon be signed for construction with a local company. Construction of the project is expected to start before the end of 2019 and is expected to last for about 20 months.
 
This project is an important addition to the industrial sector in the State of Qatar, where it will contribute to the development of many downstream industries, especially the beverage and food packaging sector which continues to grow and develop. The project relies on local raw materials (sand) and will benefit from the availability of natural gas as a primary source of energy. These elements will enable the project to compete strongly in the local, regional and global markets.
 
Qatari Industrial Manufacturing Company (QIMC) holds a 50% share in the Gulf Glass Factory project. QIMC is the leading industrial development company in Qatar and since its establishment in 1990 has contributed to the development of the manufacturing sector by establishing many important projects, which currently number 22 operating factories and projects. Four other investors from Qatar, Lebanon and Australia share the remaining 50% of the project capital.

 

#Qatar #News #Qatar_Exchange #Qatar_Industrial_Manufacturing #Doha_Bank

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