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UAE’s RAK Ceramics Fully Acquires Iran Unit
UAE-based RAK Ceramics, one of the world’s largest makers of ceramic goods, announced that it has fully acquired its subsidiary in Iran, the latest investor seeking opportunities after Tehran’s nuclear deal.
Financed by the World Bank, RAK Ceramics set up Iran operations in 2003, with a USD 40 million investment. The plant remained running even as sanctions tightened and the Iranian economy floundered. The facility now has 3 production lines and an annual production capacity of 9 Mm2. As a close neighbour to Iran, UAE stands to be a major beneficiary of closer trade relations once sanctions against the Islamic Republic are lifted as part of the 14 July deal with big powers mandating limits on its disputed nuclear activity. RAK Ceramics, which has a distribution net work covering around 160 countries, said in a statement it had “a long term vision for the Iranian market both domestically and as an export centre in Central Asia as the sanctions regime gets lifted”. The statement did not disclose a value for the deal, which sees RAK Ceramics acquire the remaining 20 % stake in RAK Iran that it does not currently own.
