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FINANCIAL NEWS
UAE’s Emal awards USD700m expansion deals
16 Aug 2011
(MENAFN) Emirates Aluminium’s (Emal) president and CEO, Saeed Al Mazrooei, said that in order to increase the company’s aluminum capacity to 1.3 million tones per year, the firm awarded expansion contracts that worth more than USD700 million, reported The National.
Al Mazrooei added that the contracts came as a part of a USD4.5 billion second phase plan for expansion, after a first phase that worth USD5.7 billion for construction and took three years to build.
He also said that when the second phase would be completed, the company would have the world’s longest aluminum smelting line at 1.7km., making the plant one of the largest single aluminum factories in the world.
It is worth noting that Emal is 50-50 owned by Abu Dhabi’ Mubadala Development and Dubai’s Dubal, and aims to get access to cheap gas for the energy-intensive aluminum output process.
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