The supervisory board of the "Azerbaijan Industrial Corporation" (AIC) OJSC decided to put up for sale the machinery and equipment of the "United Textiles FZE" enterprise located in the United Arab Emirates (Fujairah Free Zone) https://www.utf.ae /. This is stated in the statistical review of the State Statistics Committee "Socio-economic development of regions" for 2022. In February 2020, by a special decree, the head of state instructed the agro-industrial complex to transfer the machines and equipment of the "United Textiles FZE" enterprise to the territory of the Republic of Azerbaijan, to create a new enterprise for the production of cotton yarn based on modern technologies on their basis, to establish a technological chain to the production of the final product. With that end in view, the statistical review noted that relations were established with firms specializing in this field, and a visit to the enterprise was made with their participation. Preliminary calculations of the project were also made. 'In order to prepare a detailed business plan for the project, organize the transition from yarn production to fabric production and conduct marketing research, an offer was received from "Ernst and Young". The investor company has prepared a proposal for financing the project and sent it to the agro-industrial complex. However, restrictions on international flights due to the pandemic made it difficult for specialists to visit the plant and serious obstacles arose in carrying out the planned work.' This is how the "Azerbaijan Industrial Corporation" OJSC reported to the government on the progress of the tasks set. When asked by Turan news agency about "where it is planned to put up for sale the property of the "United Textiles FZE" company," JSC "AIC" said that there is no final decision on this matter yet. It should be reminded that the "United Textiles FZE" enterprise was built at the expense of loans from the International Bank of Azerbaijan. The borrower was unable to pay off these loans and the collateral became a toxic asset of the bank. The property of the enterprise was transferred to the Azerbaijani state in the person of the AIC. Note that "United Textiles FZE" was registered in 2005. The factory for the production of cotton yarn worth 250 million dirhams of the UAE, is located on a plot of 44,250 m2. The plant has the capacity to produce 10,000 tons of high-quality yarn per year using Swiss and German textile equipment manufactured by "Rieter, Zinser/Saurer", "Schlafhorst", "Trtzschler" and "L.T.G".

Source: Turan News Agency