19 June 2005
Ras Al Khaimah - Pioneer Cement Industries (PCI ) has announced yesterday that it commenced the initial phase of construction of its new cement plant in Al Ghail area in Ras Al Khaimah, with an annual capacity of 1 million tonnes of cement.
PCI is a joint venture between RAK Gas Commission and the Indian Penna Cement Industries Limited (PICI). Commenting on the setting up the new cement plant, Dr Khater Massaad, Adviser to Shaikh Saud bin Saqr Al Qasimi, RAK Crown Prince and Deputy Ruler, said: "With the booming construction activities in the UAE, and the Gulf region, it is expected that the demand for cement will increase by 10 to 15 per cent annually to reach 23 million tonnes in the next five years."
All the existing cement companies are currently operating to their full capacity, while the country is importing cement in large quantities to make up for the shortages, and meet the market needs, he added.
"In order to capitalise on the available opportunities and according to the directives of Shaikh Saud, RAK Gas Commission has established PCI as a joint venture with PCI , which possesses a successful record in managing cement plants extending for more than 20 years and head quartered in the Indian City of Hyderabad. Wishing to avail ourselves of the extensive experience of PCI executives, we embarked on establishing a new plant in Ras Al Khaimah's Al Ghail area at a cost of around Dh400 million, to be funded in part by the partners, and the rest through the local banks."
PCI has put the final touches of the funding agreement with the Arab Bank plc, HSBC Bank Middle East Ltd, United Arab Bank and the State Bank of India, Bahrain.
Dr Massaad has been also appointed as the PCI Board of Directors Chairman.
"PCI plans to make use of state of the art technology that ensures high operational safety, maintaining high levels of quality and low energy consumption."
"Furthermore, PCI will supply its new plant with the latest equipment requirements in accordance with international standards," he added.
Ras Al Khaimah - Pioneer Cement Industries (PCI ) has announced yesterday that it commenced the initial phase of construction of its new cement plant in Al Ghail area in Ras Al Khaimah, with an annual capacity of 1 million tonnes of cement.
PCI is a joint venture between RAK Gas Commission and the Indian Penna Cement Industries Limited (PICI). Commenting on the setting up the new cement plant, Dr Khater Massaad, Adviser to Shaikh Saud bin Saqr Al Qasimi, RAK Crown Prince and Deputy Ruler, said: "With the booming construction activities in the UAE, and the Gulf region, it is expected that the demand for cement will increase by 10 to 15 per cent annually to reach 23 million tonnes in the next five years."
All the existing cement companies are currently operating to their full capacity, while the country is importing cement in large quantities to make up for the shortages, and meet the market needs, he added.
"In order to capitalise on the available opportunities and according to the directives of Shaikh Saud, RAK Gas Commission has established PCI as a joint venture with PCI , which possesses a successful record in managing cement plants extending for more than 20 years and head quartered in the Indian City of Hyderabad. Wishing to avail ourselves of the extensive experience of PCI executives, we embarked on establishing a new plant in Ras Al Khaimah's Al Ghail area at a cost of around Dh400 million, to be funded in part by the partners, and the rest through the local banks."
PCI has put the final touches of the funding agreement with the Arab Bank plc, HSBC Bank Middle East Ltd, United Arab Bank and the State Bank of India, Bahrain.
Dr Massaad has been also appointed as the PCI Board of Directors Chairman.
"PCI plans to make use of state of the art technology that ensures high operational safety, maintaining high levels of quality and low energy consumption."
"Furthermore, PCI will supply its new plant with the latest equipment requirements in accordance with international standards," he added.
By Sadiq A. Salam
© Khaleej Times 2005
