International Bank of Azerbaijan financed textile factory construction in Fujeira
Baku, Fineko/abc.az. OJSC International Bank of Azerbaijan ( IBA) has financed construction of largest textile factory in Middle East in Fujeira Emirate of UAE.
The IBAs press service reports that formal opening of the factory was held on 11 June. The opening ceremony was attended by IBA Board Chairman Jahangir Hajiyev, Head of Fujeira Emirate Sheikh Hamad bin Mohammed Al Sharki, Chairman of Industry and Economy Department Sheikh Saleh bin Mohammed Al Sharki, Chairman of Fujeira free economic zone Sheikh Saif bin Hamad Al Sharki.
The factory construction cost $60 million. Industrial capacity of the factory is 10.000 tons of high quality textile per year. The factory employs 225 people.
The factory is located in Fujeira free economic zone. It is modernly equipped, with the equipment produced in Germany and meeting European quality standards. Due to this, the factory production meets the highest world quality standards. Strategically advantageous geographical location of the factory near the sea port , which provides exit to the Indian ocean , gives it advantages in raw material procurement, as well as sale of ready products. The textile produced at the factory will be exported both to the Asian and European countries.
Besides, the agreement has been reached with cotton producers in Azerbaijan on supplies to the factory. It promotes not only to Azerbaijani cottons entrance to world markets but also to expansion of trade economic cooperation between Azerbaijan and UAE.
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