KARACHI, Dec 16: First Pakistani project was launched on Saturday in Ras Al Khaimah — the northern most emirate of the UAE - in which the Emirate’s RAK Investment Authority took a third of the stake, with Pakistan’s JS Group and Ghani Glass, picking up the remaining 33.3 per cent shares each.

The projected cost of the joint venture project — Ghani Glass LLC - is in the vicinity of $22 million.

At a news conference on Saturday, Akbar Kazmi, Investment Principal and Nadia Munawar Siddiqui, Group Head Corporate Communications of the JS Group highlighted the details of the project.

Mr Kazmi said that the ground-breaking ceremony for the project was performed by Sheikh Saud Bin Saqr Al Qasimi, crown prince and deputy ruler of Ras Al Khaimah. The crown prince termed it as a landmark project and said that it would strengthen friendly ties of Pakistan and Ras Al Khaimah. Others present on the occasion were Dr Khater Massad, CEO of Rak Investment Authority, Imtiaz Ahmed Khan, CEO of Ghani Group of Companies and Ali Raza Siddiqui, director at JS Group.

Mr Kazmi told the press that the plant would be the first of its kind in the region with most advanced, state of the art technology being used to produce 45,000 tons light weight pharma grade bottles annually. The plant was expected to begin production from May, 2008.

“This is also the first international project by a Pakistani glass manufacturer outside the country,” Mr Kazmi said and added that the target markets for Ghani Glass LLC had been identified as Middle East in the first place with further expansion plans into East Asia.

Nadia Munawar Siddiqui, Group Head Corporate Communications observed: “Normally entrepreneurs wait for the establishment of business ties between government to government before venturing into a commercial project in a foreign land, but in this case it has been the other way round”.

Ms Nadia said that it was an honour for JS group to have discovered business opportunities presented by Ras Al Khaimah, UAE; to hold conventions for other interested groups in Pakistan to visualise the potentials presented by the Emirate and finally to join hands with Ghani Glass to partner with RAK Investment Authority and set up pioneering NNB Plant in the UAE Emirate.