Ras Al Khaimah Ceramics, the world’s biggest maker of ceramic tiles, is producing bidets, sinks and bathtubs at a maximum capacity in the United Arab Emirates even as Dubai’s construction boom falters, an official said.
Dubai’s DFM General Index gained 2.2 percent to 1,466.84, the highest since Sept. 21, at the 2 p.m. close in the emirate. Abu Dhabi’s ADX General Index increased less than 0.1 percent. Saudi Arabia’s Tadawul All Share Index advanced for a tenth day, the longest winning streak since September 2009.
Ras Al Khaimah’s ruling family is in talks to sell a stake valued at as much as $391 million in Ras Al Khaimah Ceramics, the world’s biggest maker of ceramic tiles, according to four people familiar with the matter.
Ras Al Khaimah, one of the seven sheikhdoms that make up the United Arab Emirates, plans to sell a so-called benchmark bond and has hired two banks to manage the transaction, two bankers familiar with the plan said.