Building its first plant out of France, Saverglass – world specialist for manufacturing and decorating luxury bottles – has announced 75 million euro (Dh341.75 million) investment in 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 square metres 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, said: "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 one-fourth of its production in US dollar.
Ludovic de Gromard, Deputy Project Manager of Saverglass, 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".