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FINANCIAL NEWS
UAE’s Ducab’s new plant to export 75% of output
30 Nov 2011
(MENAFN) Ducab Chairman, Ahmad Al Shaikh, said that the company’s new cable plant would be forecasted to export 75 percent of its output to the Gulf countries, Europe and Africa, reported Gulf News.
Al Shaikh added that 10 percent of the USD136 million high voltage (HV) facility’s sales were allocated to the Dubai Electricity and Water Authority (DEWA) and the Abu Dhabi Water and Electricity Authority, each hold 25 percent stake in the plant.
On the other hand, Ducab HV’s CEO, Jon Vail, said that in the first year, output would start at 10 percent capacity, whereas it would rise to 30 percent next year, 50 percent in 2013 and 75 percent in 2014.
It is worth noting that Ducab shareholders provided 40 percent of the plant funding, while the remaining 60 percent was obtained through bank loans.
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