Qatar Industrial Manufacturing Company (QIMC) announced yesterday that it will participate in the ‘Gulf Glass Factory’ as a founding partner with a participation of 50 percent of its capital.
The project is specialised in the production of various glass containers and, the design capacity of the project in the first phase will be 200 tonnes per day and in the second phase 450 tonnes per day.
The project uses locally washed sand, as the main raw material and natural gas as energy source for melting raw materials.
The total cost of the first phase of the project is estimated at QR238m. It will be financed by a local bank.
Abdulrahman A Al Ansari (pictured), CEO of QIMC, said: “This project comes within the strategy of the Qatar Industrial Manufacturing Company’s continuous endeavour to serve the national economy by establishing projects of high economic value that contribute to the diversification and integration of the industrial sector in Qatar benefiting from the natural resources available. It helps to supply industrial products for many other projects too.”
It is estimated that the profitability of the project will be about 14 percent (IRR) and the payback period will be about six and a half years from the start of production.
