JBF RAK LLC, a prominent manufacturer of polyethylene terephthalate (PET) polymer resin and Bi-Axially Oriented Polyester Films (BoPET) in the Gulf Region. The firm has announced the successful completion of its corporate restructuring.
This restructuring signifies JBF RAK’s evolution into an independent entity. Now, it is operating separately from JBF Bahrain and JBF Belgium, which were previously part of the JBF Group. This separation enables JBF RAK to operate autonomously with its own governance, management, and operational strategies.
The restructuring aims to facilitate business growth. It also helps to create a framework for the Investment and Development Office (IDO) of Ras Al Khaimah to offer strategic support and funding. The IDO, serving as Ras Al Khaimah’s investment arm, may eventually take full ownership of JBF RAK.
This emphasizes the company’s importance to Ras Al Khaimah’s industrial landscape. “IDO’s support to JBF is based on the RAK industrial ecosystem and its future potential in the industry,” remarked Mohammed Sultan Al Qadi, Managing Director of IDO.
With its new independent structure, JBF RAK is set to improve its operations. It would be beneficial in response to the growing global demand for PET and BoPET products. The firm is serving a wide range of customers across local, regional, and international markets.
The restructuring also involves the appointment of a new executive management team by the IDO. It is led by CEO Rohit Vashistha, a professional in the polymers industry. He had previous experience as CEO of Indorama Ventures in Turkey. He will be joined by a newly appointed Chief Financial Officer and other team members.
Vashistha expressed, “I am honored to lead JBF RAK at such a pivotal moment in its history.”
