Dubai Investments expects cost of glass to rise
GM predicts price increase by 7 to 10% in 2014
Abdulaziz bin Yagub Al Serkal, general manager of Dubai Investments PJSC, anticipates an increase in the cost of glass in the midst of escalating demand in the region.
"Over the past few years, the increase in prices was quite unhealthy due to various factors. However, we expect the prices to go up by 7% to 10% this year due to increases in the cost of raw materials and surging demand across GCC and the international markets," Serkal noted.
Dubai Investments PJCS has announced that it is targeting 40% growth in the demand for glass during 2014, driven by the acceleration of construction and infrastructure projects in the UAE and across the region.
"Glass LLC has achieved consistent growth in 2012 and 2013 in spite of recessionary trends across the globe. But we expect a major uptrend in 2014, amidst the flurry of construction activity in the UAE. and the region," Serkal said.
DI will be catering to this demand through its subsidiary, Glass LLC, which includes Emirates Float Glass, Emirates Glass, Lumiglass Industries, Saudi American Glass and Emirates Insolaire.
Saudi American Glass has announced a major upgrade in its facility in Riyadh with new machinery and equipment set to increase its glass production capacity by over 50% to 1.4mn m2 of high-performance coated glass per year.
Lumiglass Industries is also in the process of expanding its production capacity of bullet resistant glass by 50% from 130 units to 260 units per month.
Glass LLC is also expected to tap into the export markets in the coming months, to complement its existing presence across GCC, MENA, Eastern Europe, India and part of South Africa.