(MENAFN - Khaleej Times) Emirates Glass, or EGL, wholly owned by Dubai Investments (DI), reported a 50 per cent increase in sales up to the third quarter of 2012, as compared to the same period last year.
Emirates Glass has attributed the rise in sales to the increase in local and international demand for high quality glass. Earlier, the company had forecasted a positive turnaround in the industry, setting a sales target of Dh200 million for the year ending December 2012.
Ziad Yazbeck, senior vice-president, Sales and Marketing, Glass LLC, said: "Our sales target was set taking into account a number of influencing factors on a global level and those that are unique to this region. Interestingly, Emirates Glass secured a series of significant purchase orders over the past few months, prompted by the steady upward movement in the construction industry both locally and in the neighbouring emerging markets. As a matter of fact, 70 per cent of the production this year has been exported to different markets outside the UAE."
Recently, Emirates Glass inked a partnership with property investment and development major Feryapi for a portfolio of prestigious projects worth Dh20-million in Turkey. In addition, the company has secured up to five purchase orders for prime city developments in Lebanon valued at AED 5.2 million. These include the Beirut City Center; Digital City Mall; IC project; Retail Central and Marina Town Quay. Emirates Glass has also extended the scope of its operations across the Middle East and Asia to include Qatar, India and Iraq.
Yazbeck added: "We have displayed a consistent ability to deliver cost-effective and top-quality material on time, which has increased our credibility and consequent demand. In addition, we have galvanised exciting synergies wit developers in regions that demonstrate high potential for development, thereby increasing our customer base in a consolidated manner. The sales prospects for the company look promising."