18 April 2006
Abu Dhabi: Danway LLC, a subsidiary of Emirates Holding, and the UK's Fusion Glass Designs Ltd have joined hands to set up a joint venture under the UAE Offsets Programme, an official statement said yesterday.
The two companies will hold 51 per cent and 30 per cent respectively in the new company Danway Fusion Glass LLC capitalised at Dh10 million.
The remaining 19 per cent will be held by Summit Corporate Services Ltd, representing defence contractors Rohde and Schwarz and Diehl of Germany.
An additional Dh35 million will be invested to build a glass factory that would become operational before second half 2006.
The company will produce architectural and decorative glass as well as offer a wide range of novel and highly specialised glass processes including kiln-forming, laminating, sandblasting, screen printing, and back painting.
"This venture is an example of our endeavours to create synergies between partners with diverse areas of expertise, in strategic fields needed by the UAE. The UOG will continue to create such opportunities in order to woo more foreign direct investment into the country," said Mohammad Saif Al Mazrouei, Chief Executive of the UAE Offsets Group.
Hussain Al Nowais, Chairman of Emirates Holdings, said Danway's new partnership will to provide new, value added, competitive products to the architectural and decorative glass market, and to benefit from the ongoing construction boom in the UAE and the region.
The new product lines will be complimentary to Danway's present broad range of products and services in the engineering, contracting, and industrial fields.
"The increasing demand for glass design products in the GCC region and export countries as a whole, combined with the excellent cost environment offered by the UAE was a key element in attracting Diehl into this venture," said Axel Esser, General Manager of Diehl.
According to Charles Burr, Director and COO of Summit Corporate Services Ltd., one of the critical factors in bringing this project to fruition was the support, useful feedback and guidance of the UOG.
By Staff Reporter
Gulf News 2006. All rights reserved.
