UAE firms in deal to build Saudi aluminium smelter

0 Comments | AFP, January, 2008

ABU DHABI (AFP) — The Emirati firms Mubadala Development Co and Dubal signed a memorandum of understanding on Wednesday to build an aluminium smelter for more than five billion dollars, the companies announced.

The agreement on the 700,000 tonnes a year smelter was signed with Saudi Arabian General Investment Authority and the joint investment firm Emaar Economic City, they said.

It is to be located in King Abdullah Economic City, an industrial zone to the north of the Red Sea coast city of Jeddah that was launched in December 2005 with initial investment of 26.6 billion dollars.

Emaar Economic City is a joint venture between Emaar Properties of Dubai and a group of Saudi investors.

"The additional aluminium production from the proposed smelter...