Ras Al Khaimah, UAE, Dec 13, 2006: Ground breaking ceremony for RAK Ghani Glass LLC’s Narrow Neck Bottling Plant took place at the Industrial Zone here today.
His Highness Sheikh Saud Bin Saqr Al Qasimi , Crown Prince and Deputy Ruler of Ras Al Khaimah, speaking on the occasion said that he is extremely delighted to be laying the foundation stone of a landmark project. He praised the partners of the project from Pakistan for their dedication and professionalism. His also emphasized that this project will strengthen the friendly ties of Ras Al Khaimah with Pakistan.
Others present at the occasion were Dr. Khater Massad, CEO of Rak Investment Authority, Mr. Ali Raza Siddiqui, Director, JS Group and Mr. Imtiaz Ahmad Khan, CEO, Ghani Group of Companies.
RAK Ghani Glass LLC is a USD 22 million joint venture project between RAK Investment Authority, JS Group and Ghani Glass Ltd; with each party holding 33.33% shares. The plant will be the first of its kind in the region with most advanced, state of the art technology being used to produce forty five thousand tons (45,000 tons) light weight pharma grade bottles annually. Target markets identified by the company are Middle East currently with expansion plans to East Asia.
The plant is expected to start production in May, 2008.
This is the beginning of new era for Ghani Group with their first project in Ras Al Khaima. This is also the first international project by a Pakistani glass manufacturer outside Pakistan. Ghani Glass Pakistan being 33.33% equity holder and also the operator manager of the RAK Ghani Glass project will benefit from the gains of this overseas project.
ABOUT THE SPONSORS
RAK Investment Authority:
The RAK Investment Authority was constituted as per Emiri Decree No. (2)/ 2005 issued by H.H. Sheikh Saqr Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah.
The mandate for the Authority is to work towards reinforcing the investment climate in the Emirate and to promote its various economic sectors. The Authority is a semi-governmental body with a legal character enjoys financial and managerial independence.
The Authority has the brief of proposing investment polices, supervising their implementation, assessing economic feasibility studies pertaining to investment, and promoting developmental projects and investment opportunities, across economic sectors within Ras Al Khaimah.
The RAK Investment Authority also facilitates easy processing of applications for setting up new projects. It has also been assigned the duty of supervising the setting up and licensing of companies wishing to establish investment projects in the Emirate of Ras Al Khaimah.
The Authority has been given the powers to setup, establish and run the 4th Free Zone in Ras Al Khaimah. Nearly 21.2 million square feet of land has been set aside for this purpose. Though a Free Zone, licenses for companies and establishments that have local partners will also be issued here.
There is also an Industrial Zone with nearly 14 million square yards approximately where investments are possible with a local partner. The RAK Investment Authority may also partner investors with the right profile and projects.
For further information please visit www.rakinvestmentauthority.com
JS Group
Built over 36 years, the JS Group is Pakistan’s most diversified and progressive investment group. The group’s core financial services business includes market-leading companies in asset management, investment banking, securities brokerage, commercial banking, insurance and trade finance. The group also includes companies in five additional business areas: Industrial and Manufacturing, Telecommunications and Media, Property, Natural Resources and Transportation.
The JS Group has a history of successfully developing innovative businesses in Pakistan and across the globe in partnership with leading international institutions. JS Group has successfully partnered in Pakistan with institutions such as Allianz AG (insurance), AMVESCAP and the International Finance Corporation (asset management), General Motors Acceptance Corporation (trade finance), Experian Scorex (credit bureau services), DCD Group, Global Investment House KSCC and Accor Group.
For further information please visit www.js.com
Ghani Group
Ghani Group is a leading Pakistani industrial conglomerate. The founder of Ghani Group, (late) Sheikh Abdul Ghani started the group in 1963 and established coal/silica sand mining firm in the name of Ahmed Brothers & Company. Today, the group is running a diverse range of businesses including three glass plants, an automobile plant, a number of leading mining companies and trading houses. The group has annual turnover of over Rs. 8 billion.
The Groups venture into the glass manufacturing field took the form of Ghani Glass, incorporated in 1992 and starting production in 1995, forming the first step on the road to success of Ghani Glass limited. Ghani Glass now owns 3 plants, namely, GGL1 Hattar, GGL2 Karachi and GGL3 Sheikhupura.
Outstanding product quality, dedicated customer service, and continuous research and product development have allowed Ghani Glass to prosper and grow in Pakistan as the premier suppliers of glass products with over 85% market share and more than 200 satisfied customers, locally and internationally. Ghani glass is also exporting its products to 16 countries worldwide.
For further information please visit www.ghaniglass.com
