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FINANCIAL NEWS
Alabbar, GIIG to build aluminum smelter
30 Apr 2011
(MENAFN) Mohamed Alabbar, the Emeriti businessman, said he signed a deal with Gulf International Investment Group (GIIG) Holdings, headed by the Malay businessman, Tan Sri Syed Mokhtar Al-Bukhary, for the development of a USD1.6 billion aluminum smelting factory in Malaysia, reported Arabian Business.
Alabbar said that the project would be developed through a joint venture between the two companies in addition to Aluminum Corporation of China (CHINALCO).
Smelter Asia will develop, own and operate the private aluminum plant with an annual capacity of 370,000 metric tons during the first phase.
Alabbar said that the smelter would be developed in the Samalaju Industrial Industrial Park, about 60km from Bintulu and some 180km from the Bakun hydroelectric dam.
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