Falcon Technologies International Company will build and manage a AED650-million industrial technology park being set up in the Emirate of Ras Al Khaimah in the UAE with Swiss partnership. Primus Tech Investments is the Swiss partner for the project.
The technology park at Ras Al Khaimah will be among the biggest five parks of its kind in the world producing the most advanced recordable digital optical storage devices (DVD-R). The project is expected to be implemented in three phases. The initial phase includes construction of the first plant at an approximate cost of AED200 million and a state-of-the-art research and development facility that will be the most advanced globally.
“The project could not have come into fruition without the encouragement and support provided by His Highness Sheikh Saud bin Saqr Al Qassimi, Crown Prince and Deputy Ruler of Ras Al Khaimah. We hope Primus Tech’s initiative will enhance the profile of the emirate as a location and act as a stimulant for setting up such high-tech projects in the future,” said Mr. Adel Michael, CEO of Falcon Technologies.
The project, slated to go on stream by the middle of 2005, is coming up in an area of 113,000 square metres in which the plant will occupy an area of 27,000 square metres. It will employ over 1,100 engineers, R&D staff and others. Initially, 90% of the production will cater to international suppliers while the remaining 10% will be commercialized with the company’s own brand “RAKTAK”.
Falcon Technologies, in its second phase, will focus on increasing the production capacity and will add more new products to meet the growing demand worldwide.
“The annual consumption of digital optical storage devices is expected to reach 25 billion units in 2008 from 13 billion units at present. This clearly illustrates the growth potential for this project and the export opportunities that can be tapped by Falcon Technologies,” said Mr. Michael.
The role played by Dr. Khater Massad, CEO of RAK Ceramics Company, in setting up the project in the emirate, came for special praise by Mr. Michael, who also added,” The project will enjoy Ras Al Khaimah’s strategic geographical advantage and other attractive investment features. These will help realize Falcon’s targets for exports mostly directed towards Europe and the US markets, which offer over 70% of the global consumer market for optical discs.”
