The United Arab Emirates (UAE)-based industrial conglomerate Future Pipe Group (FPG) has signed an agreement with Qatar Industrial Development Bank (QIDB) to set up a subsidiary in Qatar at a cost of 56 million Qatari riyals ($15.3 million).
Future Pipe Industries Qatar will produce glass reinforced polyester (GRP) and glass reinforced epoxy (GRP) pipes, reported the Peninsula. Some 30 Qatari investors hold shares in the new firm.
Dubai-based Gulf Eternit Industries is the founding company of FPG, a family of companies specializing in the production of glassfiber reinforced epoxy, polyester and vinylester pipe systems for desalination and other municipal, chemical and industrial markets.
FPG's total annual sales are about $300 million. The group has manufacturing facilities in Netherlands, Dubai, Abu Dhabi, Lebanon, Egypt and Saudi Arabia. Sales offices are located in the UK, Spain, France, Germany, Italy, Singapore and Washington. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
