Sharaf Group along with Finetec Corporation and Marvast General Trading jointly announced the set up of a state-of-the-art Cylinder Manufacturing Plant for Compressed Natural Gas in UAE. The plant will be located in Ras Al Khaimah Free Zone on approximately 410,000 sq feet area. The installed capacity of the plant shall be 120,000 cylinders per year expanding to double in near future. Catering to the needs of Middle Eastern countries as well as many Asian countries like India, Bangladesh, and Pakistan etc, it will supply the regional markets with world class quality cylinders suitable for commercial fleets, passenger cars and transport vehicles etc. Plant will also be capable to manufacture both domestic and commercial/industrial cylinders. The deal was officially sealed to a new beginning between Mr. Ibrahim Sharaf (Chairman) and Sharafuddin Sharaf (Vice Chairman) of Sharaf Group and Mr. Jae Ihn Lim, (President and CEO) of Finetec and Mr. Mohammed Reza (Partner) of Marvast General Trading Co. The estimated cost of the project is AED 110 million and the commencement of production is expected by first quarter of 2009.