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IIB Paper Company Limited (UAE)
IIB Paper Company Limited is the investment vehicle established by IIB and its investors in 2005 to hold a 49% stake in Queenex Hygiene Paper Manufacturing ("QHPM"), a tissue paper manufacturing company located in Abu Dhabi. QHPM is a US$47 million joint-venture with the Al Hajri International Group of Abu Dhabi, which is one of the pioneers that encouraged the development of the manufacturing sector in the UAE, and which has interests in the paper, packaging, and printing industries, amongst others. The joint-venture company will expand the activities of the Group in various segments of the paper industry in the Middle East. This investment offers an attractive Internal Rate of Return ("IRR") of 25% per annum over the anticipated three to five year investment holding period, and the potential for even higher returns through the scaling-up and restructuring of the operations.
Sharia'ah-compliant term financing for this venture was provided by the Islamic Corporation for the Development of Private Sector ("ICD"), a multilateral investment institution, and affiliate of the Islamic Development Bank group (IDB), based in Saudi Arabia.
IIB is particularly proud to be supporting this pioneering industrial venture, which will further broaden the UAE's manufacturing base and will increase UAE exports.The plant is expected to start operations by Q4 2011.
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