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FINANCIAL NEWS
UAE-Dzayer Group to launch Dh5.87bn steel plant in Algeria
24 Nov 2016
(MENAFN) Emarat Dzayer Group, a Dubai-based diversified business conglomerate and Algerian Groupe Imetal have signed a deal to make a joint venture.
Moreover, Dzayer in Algeria will generate 1.5mn tons per year of reduced iron and 1mn tons of steel in the form of rails, steel structures and seamless pipes for USD1.6bn.
In addition, the deal was inked in Algeria and will make thousands of jobs and help the substitute imports and enhance export earnings for the North African country.
Meanwhile, the agreement will create Dzayer Steel Co., a joint venture in which Groupe Imetal will hold 51 percent share amid its two subsidiaries.
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