Dubai Investments to Invest $218 Million in Glass Unit by 2014

Dubai Investments PJSC (DIC), the owner of stakes in more than 40 companies, said it plans to invest an additional 800 million dirhams ($218 million) in its Glass LLC unit to achieve 1 billion dirhams in sales by 2014.

The company expects the glassmaking unit’s sales to rise to 620 million dirhams this year from 400 million dirhams last year, the company said in a statement today at an opening of a new glass coating line in Dubai.

DI has already invested 1.5 billion dirhams in four glass factories in the United Arab Emirates and the next years’ expenditure will be used to add capacity to a float glass facility in Abu Dhabi as well as invest in glass companies in Qatar, India and Iraq.

To contact the reporters on this story: Tamara Walid in Abu Dhabi at twalid@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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