Saudi company in RAK joint venture

The Swicorp Joussour Company, a Saudi joint stock company, has announced the acquisition of a strategic stake in RAK Ghani Glass, as part of a joint venture with the Ras Al Khaimah Investment Authority, JS Group and Ghani Glass.

RAK Ghani Glass is reportedly in the process of setting up a state-of-the art pharmaceutical glass manufacturing facility that will be the first of its kind in the Gulf Cooperation Council (GCC) region. The plant is located in the industrial zone of Ras Al Khaimah, United Arab Emirates and production is expected to commence by December of this year.

Shahid Khan, Investment Director at Swicorp Private Equity said: “The global pharmaceutical packaging industry is worth around $30 billion and the demand is expected to continue rising, especially in developing markets. We believe RAK Ghani is ideally positioned to capture this demand growth for lightweight, high-quality pharmaceutical bottles.”

RAK Ghani Glass is said to be planning expansion of the plant’s capacity in the future as well as looking at the development of other glass-related products.