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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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