Emirates National Factory for Plastic Industries L.L.C (ENPI Group), a portfolio-company of Qatar First Investment Bank (QFIB) inaugurated Future Plast Industries, its first state-of-the-art facility in Abu Dhabi Industrial Area (ICAD 1), United Arab Emirates (UAE).
The FSSC-22000-2010 certified facility was inaugurated under the auspices of H.E Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of Abu Dhabi Chamber of Commerce and Industry, in the presence of QFIB board members and high ranking officials from Qatar and UAE. QFIB, Qatar’s first independent shari’ah compliant investment bank regulated by Qatar Financial Centre Regulatory Authority is a majority shareholder (71.3 %) at ENPI. Future Plast Industries is ENPI Group ’s first venture in Abu Dhabi. The facility spans an area of 17,622 sqm and offers a range of integrated plastic solutions through its subsidiaries, Future PET and Future Flex.
Nizar Rajoub, CEO of ENPI commented, “We are happy to expand our reach to Abu Dhabi. This new facility will enable us to cement ENPI Group’s position as a global leader in providing plastic packaging solutions. We thank QFIB for their continuous support and great business insight. QFIB has assisted in streamlining our business and in securing the required funds to establish this facility. We look forward to work alongside QFIB management to further solidify the business, increase market share and broaden our product offerings and solutions.”
Commenting on QFIB’s role in supporting its portfolio companies Emad Mansour said, “We congratulate ENPI Group on the inauguration of Future Plast Industries, their first venture into the Abu Dhabi Industrial Zones. This state of the art facility will capitalize on the growing demand for plastic packaging solutions. At QFIB, we provide strategic support to our partners and ensure they benefit from our market insight and extensive network of connections. We will continue to support ENPI Group in its future expansion plans. Imminent steps would be to explore new markets together and enable the Group to reinforce its status as a global leader in providing the most diverse range of plastic solutions.”
The funding of the facility is a result of a five-year syndicated AED 250 million loan arranged by Abu Dhabi Islamic Bank. The facility not only addresses the growing global demand of plastic solutions but also makes Future Plast Industries the only integrated supplier in the region that offers complete packaging solutions to the food and beverage and hygiene industries.