FINANCIAL NEWS

UAE- Emal secures $737m financing

12 Jul 2010

(MENAFN) Emirates Aluminum (Emal), a joint venture between Dubai Aluminum Company and Abu Dhabi’s Mubadala, has signed agreements with three export credit agencies to secure $737 million funding for its massive smelter project, Gulf News reported.

Emal was established in February 2007 to construct what will become the world?s largest single site aluminum smelter complex. Once completed Emal will produce 750,000 tons of aluminum per annum and 1.5 million tons annually.

The aluminum complex, a 6 square kilometer site in the Khalifa Port Industrial Zone in Al Taweelah, half way between Abu Dhabi and Dubai, will produce primary aluminium with a product mix of sow, standard ingot, tee ingot, extrusion billet and sheet ingot.

Being the largest industrial project in the UAE outside the oil and gas industry, the project will encourage economic diversification, creating downstream opportunities.

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