OREANDA-NEWS. June 27, 2012. As communicated by the press service of the International Bank of Azerbaijan (IBA), the bank financed the construction of the biggest textile factory in the Middle East. The factory is situated in Fujairah emirate (UAE), reported the press-centre of IBA. 

The opening of the factory took place on the June, 11th 2012. In the ceremony participated Jahangir Hajiyev, the Chairman of the Board of IBA, Sheikh Hamad bin Mohammed Al Sharqi, the Governor of the Emirate of Fujairah, Sheikh Saleh Bin Mohammed Al Sharqi, Chairman of Department of Industry & Economy and Sheikh Saif bin Hamad Al Sharqi, Chairman of Fujairah Free Zone Authority.

The construction cost of the factory exceeded USD60 mln. The manufacturing capacity is 10 thousand tons of high-quality textile goods. The number of employees is 225. The plant is situated in the Fujairah Free Zone.

The plant is equipped by the modern machinery, manufactured in Germany and meeting European standards. Therefore, the textile which will be produced at the plant will be of highest quality. Strategically favourable situation near an Indian Ocean port will make the factory’s procurement and sales more adavantageous. The produced textile goods will be exported both to Asia and Europe.

Moreover, Azerbaijani cotton producers will also export their product to the factory. This cooperation will open doors to the world markets for Azerbaijani cotton and also contribute to the expansion of trade and economic relationship between Azerbaijan and UAE.