RAK Ceramics gets Dh200m facility

Abu Dhabi Islamic Bank (ADIB), one of the region's leading Islamic banks, has arranged a Dh200 million Islamic finance facility for RAK Ceramics to finance its working capital requirements, fund projects to improve energy efficiency, production optimisation and cost reduction initiatives.

The agreement was signed by Ibrahim Al Sane, Executive Vice-President, Corporate Banking Group, ADIB, and Dr Khater Massaad, CEO of RAK Ceramics.

Tirad said: "We are pleased to co-operate with RAK Ceramics, one of the leading global companies that operate in the ceramic manufacturing sector.

"It is known globally as a one of the top producers of high quality ceramics and sanitary ware.

"We are pleased to support their financing needs as part of the ADIB vision to support the industrial sector in the UAE."

Dr Massaad added: "For over 20 years, RAK Ceramics has committed to improving the quality and profitability of our operations by using the most optimum technology and materials.

"Our products are accepted and respected in more than 130 countries today. We welcome the efforts of ADIB to provide innovative financial products to realise the industrial and export development potential of UAE and to support industrial development of Ras Al Khaimah."

RAK Ceramics' turnover in 2008 exceeded Dh2.7 billion.

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