Dubai, Dec. 20th, 2006 (WAM) - Dubai Investments PJSC (DI) hasannounced the launch of Glass LLC, its new corporate arm dedicatedto meeting the growing needs of the regional glass industry.

Glass LLC is also the first glass holding company in the MiddleEast.

Glass LLC will incorporate the four DI subsidiary companies:Emirates Glass LLC, which is one of the largest processors offlat architectural glass in the region, Emirates Float Glass,the UAE's first integrated glass manufacturing and processingfacility being built in Abu Dhabi, Lumiglass Industries, makersof automotive and architectural laminated glass products, andthe recently-acquired Saudi American Glass Company, which isone of the Middle East's largest glass manufacturers.

"The unprecedented growth in the regional real estate, automotiveand industrial sectors has generated massive demand for high-performing,eco-friendly and technologically superior varieties of glass.

Industry estimates put the size of the GCC glass market at 1.1million tonnes. However, current supplies stand at 150,000 tonneswhile future supplies are projected at 450,000 tonnes, leavinga shortfall of 650,000 tonnes," said Khalid Kalban, ManagingDirector and Chief Executive Officer, Dubai Investments.

"Dubai Investments' new arm, Glass LLC has been formed in orderto cater to the increasing demand for glass products in the region,particularly from the booming construction and real estate sector.

In the UAE alone, the construction industry's expenditure oninfrastructure and real estate projects is expected to reachDh 850 billion over the next five years. Similar large-scaleprojects are being built across most of the GCC states, whichwill result in projected expenditure of Dh 31 billion on glassproducts alone," he added.

Dubai Investments has considerable technological know-how andexperience in glass-manufacturing and will exploit this expertiseto bring innovative products into the market. Glass LLC willfocus on developing the regional glass industry and will furthercontribute to DI's expansion activities in 2007 as in the nearfuture more glass companies will be added' he observed.

Jerry Dowling, General Manager, Glass LLC and Emirates Glasssaid: "Glass LLC will bring Dubai Investments' glass manufacturingfacilities under one corporate umbrella, promoting co-ordinationin their activities, monitoring expansion plans and regulatingproduction output. These companies are making considerable investmentsin enhancing capacity and adding new products in order to meetthe surging demand for glass products. The formation of GlassLLC will ensure smooth supplies and help to bring innovativeproducts into the regional market, meeting the evolving needsof planners and developers and thus contributing to the growthof the glass industry in the Middle East.""To meet the enormous challenge of such a rapidly growing market,Emirates Glass recently invested Dh 100 million in a huge expansionprogramme to increase capacity in glass-tempering, double-glazingand cutting which includes edge-working and drilling, and tomeet the demand by autumn of 2007 for highly complex glass typesnow commonly seen in airports, shopping centres, hotels etc.

The company has already bagged projects for supplying seven millionsquare metres of glass to projects in the region." Jerry added "Lumiglass plans to expand into manufacturing extralarge windscreens for big trucks and buses and is developinga separate bullet resistant glass manufacturing division. Thecompany is also developing armoured cars in collaboration withUAE's Steadfast Protection, Ultimate Armouring in Ras Al Khaimah,Iraq's Absolute Armouring and Xtreme Defense Systems from Pakistan.

Lumiglass caters mainly to the markets in Saudi Arabia, Qatar,Kuwait, Syria, Iraq, East Africa and Pakistan."Emirates Float Glass (EFG) LLC, will have an annual productioncapacity of about 160,000 tons of various glass products. Theplant will have a daily production capacity of 600 tons of clearmolten glass per day with the product mix matching the contemporaryneeds of the architectural, automotive and other segments.

Dubai Investments' recently-acquired subsidiary, Saudi AmericanGlass Company (SAGC) is one of the Middle East's largest glassmanufacturers. It supplies more than three million metres ofglass to the regional market annually, where demand for highperformance glass at present stands at 11 million square metresagainst a supply of two million square metres. Dubai Investments'acquisition of SAGC adds value to Glass LLC and will enable theholding company to extend its presence over a sizeable portionof the market once it is restructured by Dubai Investments.