QIMD, GlassGlobal sign MoU to boost Qatar's glass industry

Mubasher: Qatar Industrial Manufacturing Company (QIMD) on Sunday announced that it has signed a memorandum of understanding (MoU) with GlassGlobal, a German consulting firm specialized in providing technical and advisory services to the glass industry worldwide.

The MoU was inked on the sidelines of the Qatar-Germany Business and Investment Forum which took place in the German capital of Berlin from 6 to 7 September, according to a filing to the Qatar Stock Exchange (QSE).

The agreement was signed on behalf of QIMD by Abdul Rahman Abdullah Al-Ansari, CEO of QIMD, and by Andre Ommer, CEO of GlassGlobal. 

The MOU aims at establishing a general framework for technical cooperation between the two companies to complete the evaluation of the feasibility of a project to produce glass containers in Qatar.

Moreover, it entails providing technical advice to the project through reviewing and evaluating the technical offers from the equipment suppliers and then participate in supervising the implementation of the project throughout commissioning and start-up, the statement highlighted.

Both sides have already obtained preliminary approvals and necessary official licenses, and are currently working on obtaining the final approvals required for its implementation.

It is worth noting that QIMD has already cooperated with GlassGlobal in a slew of studies and consulting services to evaluate both the glass containers and the float glass projects. 

For the first half of 2018, QIMD recorded a 4.5% year-on-year profit drop, logging QAR 108.3 million, from QAR 113.4 million.

By the end of Thursday’s session, QIMD’s stock rose 2.56% at QAR 40.

Mubasher Contribution Time: 09-Sep-2018 10:48 (GMT)
Mubasher Last Update Time: 09-Sep-2018 10:54 (GMT)