Pioneer Cement LLC, a joint venture between India and Ras Al Khaimah producing 1Mt of cement was inaugurated yesterday by Shaikh Saud Bin Saqr Al Qasimi, Ras Al Khaimah Crown Prince and Deputy Ruler.
The plant is a joint venture between the RAK Investment Authority and the Indian company Penna Cement Industries Limited. The Pioneer Cement Plant with the state of the art technology was set up in a record of 16 months at a cost of Dh400m.
The project was financed by Arab Bank, HSBC Limited, UAB and the State Bank of India.
In his inaugural speech, Shaikh Saud highlighted the historic relationship between India and the UAE. He said this project is a true revival for the historic relationships between the two sides. He stressed that the new plant will play a central project in the economic development in the emirate’s progress.
Shaikh Saud stressed that the setting up of this new project in the emirate is yet another success for RAK.
Dr Khatter Massaad, CEO of the RAK Investment Authority said: "The opening of this plant in RAK puts the emirate even higher on the international map of the cement production".
He added that the RAK Investment Authority has attracted industrial investment of over Dh3 billion for setting up factories for value added and knowledge based products from investors in Europe, North America and South Asia.
He said that the Penna Cement Industries Limited of Hyderabad, India is one of the most successful industries group for over 20 years, with more than four million tonne capacity in cement and over 150 megawatts of power.
He said the timing of the project which is 51 per cent owned by the RAK Investment Authority and 49 per cent for the Penna Cement, was perfect with the increasing demand for cement all over the world in general booming construction and real estate development activity in the Gulf region in particular.