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QIMC Signs Agreement with Doha Bank to Finance Glass
Containers Factory
September 02, 2019
Qatar Industrial Manufacturing Company (QIMC) announced the signing
of an agreement with Doha Bank to finance its project, Gulf
Glass Factory (GGF), for the production of glass containers. The
ceremony was attended, on behalf of Gulf Glass Factory Company,
by was Mr. Abdul-Rahman Abdullah Al Ansari, Chairman of GGF and
CEO of Qatar Industrial Manufacturing Company (QIMC), and on
behalf of Doha Bank, Dr. Seetharaman, the Chief Executive
Officer.
The project specializes 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 specialized 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.
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