Mahmood Saeed Collective Co., a group of industrial firms based in Jeddah, Saudi Arabia, has signed a US$ 23 million loan with a syndicate of banks to set up a glass factory in the United Arab Emirate…
Mahmood Saeed Collective Co., a group of industrial firms based in Jeddah, Saudi Arabia, has signed a US$ 23 million loan with a syndicate of banks to set up a glass factory in the United Arab Emirates. Lloyd“s Bank in Dubai said in a statement it led the medium-term loan, which included Arab Investment Company of Bahrain and the National Bank of Bahrain. The loan covers half of the total investment needed to set up the Jebel Ali Glass Container Factory, which will have the production capacity of 425 million soft drink containers a year, a Jebel Ali Free Zone statement said. Stone and Webster signed a construction and supervision agreement while the civil work contract was signed with Khan Saheb Civil Engineering of Dubai. The Jebel Ali statement said that construction would begin in February 1996. Switzerland“s Emhart Glass, a subsidiary of Black and Decker of the US, will provide equipment and Vetro Pack of Europe will provide technical advice, the statements said.