The project, a joint venture between Dubai Investments (DI)
and Abu Dhabi Investment Company (ADIC)
, calls for the construction of a glass facility covering an area of about 200,000 square metres. The scheme will have capacity to produce 160,000 tonnes a year of architectural and automotive glass converted from sand and raw materials into glass sheets. US-based PPG Industries
has been awarded the equipment supply contract.
The plant will include a furnace, refiner, forming machine, cooling plate, cold end sprays, packaging network and other associated facilities. The plant is expected to be operational by the end of 2006.
A team of Ernst & Young
is acting as financial and legal consultant. The client is also looking to appoint a project manager by September. Emirates Float Glass, which has paid-up capital of AED 367 million ($100 million), is looking to bring in more investors with a view to reducing DI’s stake in the company to about 26 per cent.