Abu Dhabi Basic Industries Corp (ADBIC) said on Sunday it is setting up a $100 million aluminium rod and conductor plant in a joint venture with Bahrain's Midal Cables. The plant at Abu Dhabi's Khalifa Port & Industrial Zone in Taweelah will start operations in the first quarter of 2010 and produce 150,000 tonnes per year of aluminium products, a statement from ADBIC said.
"The establishment of this strategic partnership with Midal will be a first major milestone towards the expansion of Abu Dhabi's downstream manufacturing capacity in the metals sector," said Jamal al-Dhaheri, a senior vice president at ADBIC. ADBIC and Midal will source molten aluminium, the plant's main feedstock from Emirates Aluminium Co (Emal), a joint venture between Abu Dhabi's Mubadala and Dubai Aluminium (Dubal). Details about the stakes of the partners in the joint venture and project financing were not disclosed.
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