Joint venture launches US $200m aluminium investment
A joint venture agreement has been signed confirming to establish a new US $200 million aluminium extrusion plant in Abu Dhabi. The plant, will be operated by Taweelah Aluminium Extrusion Company in Abu Dhabi, a company formed by the venture between Gulf Extrusions, an Al Ghurair Group company, and the Abu Dhabi Basic Industries Corporation […]
A joint venture agreement has been signed confirming to establish a new US $200 million aluminium extrusion plant in Abu Dhabi.
The plant, will be operated by Taweelah Aluminium Extrusion Company in Abu Dhabi, a company formed by the venture between Gulf Extrusions, an Al Ghurair Group company, and the Abu Dhabi Basic Industries Corporation (ADBIC), a wholly owned subsidiary of the Abu Dhabi Government’s General Holding Corporation (GHC).
It will be the first of its kind in the MENA region, according to the company.
“This venture underlines the immense growth potential of the Middle East’s aluminium industry and reaffirms our commitment to further strengthen the region’s reputation as a leading supplier in the global market,” said Modar Al Mekdad, general manager, Gulf Extrusions.
Taweelah will invest $200m toestablish the plant, which is also the first industrial project to be launched in 417 square kilometre Khalifa Industrial Zone Abu Dhabi (Kizad) after the Emirates Aluminium (EMAL) smelter.
The 50,000 metric tons facility will be built on a 235,000 square meters plot of land adjacent to the EMAL smelter, one of the largest industrial projects in the UAE outside the oil and gas sector. EMAL will supply the feedstock of liquid aluminium and aluminium billets.
“A world-class, state-of-the-art facility such as Taweelah Aluminium Extrusion Company will be crucial in opening more business opportunities and creating new possibilities to cater to emerging demand in new markets. Gulf Extrusions is therefore eager to offer its technical expertise and in-depth knowledge of the aluminium industry to help ensure the sustained growth and success of this joint venture,” Al Mekdad commented.
The Joint-Venture was signed by Eng. Jamal Salem Al Dhaheri, CEO of ADBIC and. Majid Al Ghurair, CEO of Al Ghurair Group of Companies.
