IBA finances construction of textile factory in UAE
The International Bank of Azerbaijan, the country`s leading bank, has financed the construction of the largest textile factory in the Middle East in the emirate of Fujairah of the United Arab Emirates, the IBA said.
According to the bank, its chairman, Jahangir Hajiyev, ruler of Fujairah, Sheikh Hamad bin Mohammed Al Sharqi, the Emirate`s Chairman of the Department of Industry and Economy, Sheikh Saleh bin Mohammed Al Sharqi, and Chairman of Fujairah Free Zone Authority Sheikh Saif bin Hamad Al Sharqi participated in the opening of the factory.
Annual production capacity of the $60 million factory is 10,000 tons. The enterprise, which will employ 225 people, has been supplied with German equipment. Its produce will be exported to European and Asian countries.
An agreement has also been reached with cotton producers in Azerbaijan to supply the product to the new factory. The supplies will promote not only access of Azerbaijani cotton to world markets but also the expansion of trade and economic cooperation between Azerbaijan and the UAE.
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