Dubai Group, the diversified financial services company of Dubai Holding, announced 18 May 2008 that it has acquired 49% of Egypt's Sphinx Glass Company in partnership with Cairo-based private equity firm Citadel Capital. Dubai Group invested AED 730M in the project through its subsidiary Dubai Capital Group to become the second largest shareholder in the greenfield project located 70 kilometers north of Cairo. The Sphinx Glass float facility will employ cutting-edge technology licensed from PPG Industries and will produce 220,000 tons of float glass per annum targeting both the domestic and export markets. Sphinx Glass is a wholly-owned subsidiary of GlassWorks, a company established by Citadel Capital and a group of leading regional investors to pursue investments in the promising MENA glass industry.
