QIMC Participates in Gulf Glass Factory as
Founding Partner with a 50% Capital Share
November 29, 2018
Qatar Industrial Manufacturing Company (QIMC)
announces that the company will participate in the Gulf Glass
Factory as a founding partner with a participation of 50% of its
capital.
The project is specialized in the production
of various glass containers. The design capacity of the project
in the first phase will be 200 tons per day, and 450 tons per
day in the second phase.
The project uses locally washed sand as the
main raw material and natural gas as energy source for melting
raw materials.
The total cost of the first phase of the
project is estimated at QR238 million. It will be financed by a
local bank.
The CEO of QIMC, Mr. Abdulrahman A. Al-Ansari
said: “This project comes within the strategy of QIMC’s
continuous endeavor to serve the national economy by
establishing projects of high economic value that contribute to
the diversification and integration of the industrial sector in
Qatar benefiting from the natural resources available, and it
will help to supply industrial products for many other projects
too.”
It is estimated that the profitability of the
project will be about 14% (IRR) and the payback period will be
around 6 and a half
years from the start of production.
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