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FINANCIAL NEWS
Emirates Auminium’s board approves USD4.5b investment
25 Jul 2011
(MENAFN) State-owned Emirates Aluminium’s (EMAL) President and Chief Executive Officer, Saaed Fadhel Al Mazrooei, stated that the company’s board approved a USD4.5 billion investment, reported Arabian Business.
Al Mazrooei also said that the funds would be used in improving the aluminum smelter’s annual capacity to around twice the current level. He pointed out that EMAL would further increase the number of its global customers when it raises capacity.
The President added that the smelter’s capacity would reach 1.3 million metric tons on the completion of the phase II project which investment would speed up.
It is worth noting that EMAL is half-owned by Abu Dhabi’s investment vehicle Mubadala Development Co (Mubadala) while the other half is owned by Dubai Aluminium Company Ltd (Dubal).
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