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.