Press Release

OPEC Fund supports establishment of a ceramic brick and tile factory in Syria

143/2005 December 21, Vienna, Austria
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An agreement for a US$3.0 million loan was signed today between the OPEC Fund for International Development and the Clay Industries Company S.A. in Syria. The company will use the loan to construct and operate a modern ceramic clay roof tile plant in Homs, Syria’s third most important city. A hollow-block production unit will be established under an envisaged second phase of the project.

Syria’s booming real estate sector has led to a growing demand for building materials. To meet this need, Clay Industries’ envisaged facility will be capable of producing 15 million high-quality ceramic roof tiles and, at a later stage, 105,000 tons of hollow blocks per year. The project represents a major investment in the Syrian industrial sector, which will strengthen and diversify its economic base, allowing for job creation, technology transfer and potential export earnings from regional Middle-East markets. The company plans to gradually expand its capacity over the next five years to become the leading supplier of building materials in Syria.

Today’s signing ceremony took place in Vienna. The agreement was signed by the Chairman of Clay Industries Company S.A., Mr. Issam Anbouba, and by HE Mr. Jamal Nasser Lootah, Chairman of the Governing Board of the OPEC Fund.