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FINANCIAL NEWS
UAE’s Emal plans USD3.8b phase 2 development
14 Dec 2011
(MENAFN) Emirates Aluminium (Emal) CEO Saeed Fadhel Mazrouei unveiled plans to spend USD3.8 billion in its second phase expansion project, Reuters reported.
He added that German companies have already won contracts worth USD184 million for the second phase.
He added that German companies were already contributing in the first phase investment totaled USD5.7 billion, with 23 German firms securing contracts worth USD243 million.
Mazrouei also said that the German Export Credit agency awarded USD220 million loan facilities to Emal.
Emal’s current production is 750,000 tonnes per year, projected to reach to 800,000 tonnes by the end of 2012, and when phase 2 completes in 2014 output will increase to 1.4 million tonnes per year, he said.
In August, Emal said it had awarded USD700 million in contracts for an expansion project it plans to complete by 2014.
It is worth mentioning that Emal is a joint venture between Abu Dhabi’s Mubadala and Dubai Aluminum (Dubal), and its products are exported to 280 companies in 36 countries.
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