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InnoVida
to build new unit in Ras Al Khaimah
Ras
Al Khaimah
Germany's InnoVida Holding will set up a manufacturing plant for its
state-of-the-art composite materials for the construction of homes
in Ras Al Khaimah Free Trade Zone.
The company will
invest Dh40 million ($10.9 million) on the plant, which will start
production in the first quarter of 2007.
RAK FTZ, one of the
fastest growing free zones in the region, conducted a ceremony to
mark the UAE launch of InnoVida, recently.
As the newest member
of the Free Zone, InnoVida is poised to usher in its revolutionary
and internationally acclaimed products to the region for the very
first time, said a spokesman.
InnoVida's products
include “InnoVidaResin” and “InnoVidaBond”, developed at its
research and development centre in Wolfsburg, Germany.
"Ras Al Khaimah Free
Trade Zone is always committed to attract technology-based
industries that will add value to the industrial sector in the UAE.
We in RAK FTZ are proud to provide the opportunity for leading
international manufacturing companies to set up their projects with
RAK FTZ," said chairman of RAKFTZ Sheikh Faisal bin Saqr Al Qassimi.
"InnoVida has
introduced state of the art composite materials that will allow for
housing around the world to be dramatically cost and time efficient
to build to be a matter of days or weeks instead of months, this
while still offering housing solutions that are waterproof and
withstand 300 km per hour winds while still offering the comfort of
a state of the art home," said chairman and CEO at InnoVida Holdings
Claudio Osorio.
InnoVida RAK is
planning to open three more factories in the UAE and expand the
business in the Middle East, the spokesman added. TradeArabia
News Service
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