Qatar Industrial Development Bank enters joint venture pact with German coating producer
The Qatar Industrial Development Bank (QIDB) recently signed a memorandum of understanding (MoU) with Germany’s Plasti-Chemie to establish a 14.5 million Qatari rial jointly owned industrial plant, reported Gulf Times.
The medium-scale 4,000 square meter formulation plant will produce several types of flooring systems, wall coating and roofing products from imported epoxy resin, polyamine hardener and methyl-methacrylate resin. A portion of the plant’s output will be exported to international markets.
According to QIDB general manager, Sheikh Hamad Nasser Al-Thani, the total demand for special flooring, wall coating and roofing products has been maintaining an average growth of 11 percent for the past five years with demand forecasted to increase considerably in the near future. The products are expected to contribute significantly to savings in civil maintenance cost in the region.
QIDB was established in 1997. It provides medium and long-term soft loans to industrial projects, assists industrial projects in obtaining loans from local sources and international financial institutions and finances the exports and imports of industrial companies. — (menareport.com)
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