JBF RAK announces completion of corporate restructuring to drive growth

With the restructuring plan now being effective, JBF RAK will conduct its business operations independently and separately from JBF Bahrain and JBF Belgium

JBF RAK LLC, a leading manufacturer of polyethylene terephthalate (PET) polymer resin and Bi-Axially

Oriented Polyester Films (BoPET) in the Gulf region, has announced a holistic restructuring plan under which JBF RAK, currently a subsidiary of JBF Group, exits the JBF Group, ensuring that JBF RAK maintains its own governance, management, and independent operations.

With the restructuring plan now being effective, JBF RAK will conduct its business operations independently and separately from JBF Bahrain and JBF Belgium.

The restructuring has been designed to enable JBF RAK to grow its business and create a framework for the Investment and Development Office (IDO), the investment arm of the Government of Ras Al Khaimah, to provide strategic support and funding for the business, as well as the potential for the IDO to eventually take over full ownership of JBF RAK.

Uniquely positioned to contribute to JBF RAK’s future business and long-term success, the IDO is an active investor, with a long-term investment horizon, whose focus is to achieve returns from a multi-sector portfolio of investments and support the broad development of the Emirate of Ras Al Khaimah. Its mandate is to generate sustainable financial returns and drive economic growth for Ras Al Khaimah and its people, for generations to come.

“IDO’s support to JBF is on the basis of its importance to the RAK industrial ecosystem as well as its future potential given its standing in the film and polyester industry”, said Mohammed Sultan Al Qadi, managing director, IDO.

A new executive management team is also being appointed to JBF RAK by the IDO, comprising a chief executive officer, chief financial officer and a human resources director. Additional executive team members will be appointed in due course.