Building its first plant out of France, Saverglass - world specialist for manufacturing and decorating luxury bottles - announces 75 million Euro investment in the emirate of Ras Al Khaimah through the guide of Ras Al Khaimah Investment Authority (RAKIA) - the government entity responsible for attracting investments to the free zone and non-free zone facilities of its industrial parks through a complete range of solutions to local and foreign investors.
The French company, with subsidiaries around the world, has found a new home in the emirate, which entails building its first plant in the Middle East.
The multi-million Euro investment covers 100,000 sq. m. and will employ 180 people by January 2013. Over 1,300 will be involved in the project that will see the formation of a plant that will initially produce coloured bottles. Many French experts will be involved throughout the entirety of the project, to lend their training and knowhow to RAK employees.
Karam Al Sadeq, General Counsel/Deputy CEO of RAKIA, commented: "The strategic move is the product of a well-studied model that highlights the advantages of setting up operation within Ras Al Khaimah. The success of similar enterprises in the past by like-minded establishments forecasts only success for Saverglass; and we are happy to have them become part of our growing portfolio of foreign investors."
Listed among the multitude of advantages, were lower energy costs and great geographical positioning - which spell lower transportation costs to export to South Africa, Australia, Asia, Southern Europe, Argentina, Chili, California and beyond. Also seen as lucrative attributes where lower construction and labour costs, and its position as a Dollar Zone, which provides natural hedging against Euro-Dollar variations - a very important factor as the company exports ¼ of its production in USD.
Mr. Ludovic de Gromard, Deputy Project Manager of Saverglass LLC, said "The Company first became acquainted with RAKIA through another French company, ARC International - whose Middle East operations now include a workforce of 1,800. Their positive experience in developing operations with the government authority spawned brand ambassadors for the benefits of working with RAKIA".
Mr. Ludovic de Gromard added: "We got to know RAKIA through industry peers and great word of mouth that encouraged us to pursue the idea further. Since then RAKIA has lived up to its reputation with its superb flexibility and client-oriented focus, as they continue to pay special attention to our needs and issues, making the path to decision-makers pointedly short."
Excellent infrastructure and strong government support towards the private sector, have allowed the emirate to emerge as a destination of choice for investors and leisure travellers alike.
Also opportune are the lower cost of living that allows for greater profit margins, 100% repatriation on profits and capital, complete ownership in free zones, no tax on import of raw materials and machinery, no hiring restrictions, low rent options for long-term leasing, a dedicated power plant for the industrial parks, as well as land, air and sea connectivity from Ras Al Khaimah to major markets in the Middle East and surrounding regions.
Foreign direct investments have been invaluable in the steady rise of RAK as an industrial hub, with non-resident investors who come from India (28%), Europe (21%), Asia/SE Asia (9%), USA (3%), Russia/CIS (3%) and others (8%); that continue to seek licensing in Industrial (13%), Trading (37%), Commercial (14%), Consulting and Services (29%) and Media (7%).
About Saverglass Group:
SAVERGLASS is the world specialist for designing, manufacturing and decorating luxury glass bottles.
Its activities include perfumes, cosmetics as well as spirits, fine wines and food products.
Created in 1897 in the north of France, SAVERGLASS has experienced a fast growth in the past years and now employs 2,500 persons in its 3 manufacturing plants in France, that of Ras al Khaimah and its 14 sales' subsidiaries around the world, generating a turnover of € 335 M. in 2011 (half of which coming from its export activities).
About Ras Al-Khaimah Investment Authority (RAKIA):
RAKIA is the government entity responsible for attracting investments to its free zones and non-free zones facilities of its industrial parks through a complete range of solutions for local and foreign investors.
With over 11,000 companies currently registered with RAKIA, the entity is a major provider of investment opportunities and one-stop solutions in its free zones, industrial parks and offshore facilities. The extensive range of services eases the transition for potential business investments, with an array of flexible solutions that range from more short to long-term. From flexi offices to warehouses, RAKIA allows investors to turn business plans into a reality with its tailor-made services.
RAKIA offers investors to enjoy UAE TAX regime, 100% repatriation of profits and capital, complete foreign ownership in free zones, no tax on the import of raw materials and machinery, no restrictions on hiring a workforce, low rent options for long-term leasing, a dedicated power plant providing utilities for its industrial parks, as well as land, air and sea connectivity from Ras Al Khaimah to major markets in the UAE and surrounding regions.
For further information, please contact:
Rana Al Borno
Account Manager
Cicero & Bernay Public Relations
Tel : + 971 4 334 2966
Mob : + 971 55 1686 991
E-mail : rana@cbpr.ae
Website: www.cbpr.ae
© Press Release 2012
