Mubadala bids for stake in Dubal

10 Mar 2011

(MENAFN) Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Finance Minister and Chairman of Dubal, said that the state-owned Dubai Aluminum Company (Dubal) received an offer from Abu Dhabi-based Mubadala Development Company that includes purchasing stake in Dubal and establishing a holding company together with Emirates Aluminum Company (Emal), reported Gulf News.

Shaikh Hamdan said that the industry giant Dubal is estimated to be worth USD7 billion.

Shaikh Hamdan added that the holding company that Mubada aims to form with Dubal and Emal could be the biggest aluminum and mining establishment in the world with a production capacity of 2.5 million tones annually.

It is worth noting that Mubadala and Dubal each hold 50 percent of shares in the joint venture of Emal’s smelter development project in Al Taweelah area of Abu Dhabi.

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