RAK Ceramics completes worker accommodation
UAE-based tile giant finishes G+3 structure as part of CSR programme
RAK Ceramics, the tile and sanitary-ware giant based in Ras Al Khaimah, said it has completed the construction of a three-storey building for its semi-skilled workers at its manufacturing facility.
The G+3 building can accommodate 1,428 employees in 238 rooms, each with television and internet cables and the whole facility is close to basketball and volleyball courts. The work is part of the company’s corporate social responsibility programme (CSR).
"The employees are looking forward to move to their new accommodation, which has been designed and built to provide amenities that allow our staff to enjoy their life outside of work,” Abdallah Massaad, deputy CEO RAK Ceramics. “It has always been RAK Ceramics' commitment to uphold the interest of our employees, who we consider as one of our most important assets, in line with our CSR program.”
RAK Ceramics is the biggest producer of tiles and other ceramic products along with sanitaryware in the world, with sales exceeding US $1 billion. In the last year it has followed an aggressive expansion strategy out of its home market into Africa and India.Earlier this month the company annouced an 11.5% fall in income for 2010 - AED 3.3 billion against AED 3.7 billion the previous year - caused by payment problems “impacted by a cyclical slowdown in the local economy”.
Last year, the company revealed that it is lining up an initial public offering in the India market. This would follow its IPO in Bangladesh that created RAK Ceramics Bangladesh in 1998, a subsidiary 90% owned by the parent with around BDT 3248 million in annual turnover. Bangladesh is a major venue of the company’s manufacturing outside Ras Al Khaimah.
RAK Ceramics’ shares, which are listed in Abu Dhabi, closed down 1.96% to AED 2.49 last Wednesday. The following day was a public holiday in the UAE.