DUBAI, Sep. 16th, 2008: UAE's Dubai Investments Industries (DII), a wholly owned subsidiary of Dubai Investments PJSC, today acquired a 10% stake in Saudi Arabia-based South Steel Company - set to become one of the largest steel plants in the Gulf region.
The move is aimed at consolidating its strategic expansion in the Middle EastScheduled to commence commercial operations from December 2010, the USD 350 million South Steel Company will have an initial capacity of one million tons per annum. The plant, being set up with technological assistance from Germany-based SMS Group, will produce top-quality steel billets and reinforcement bars in accordance with international standards. South Steel is poised to become a leading player in the regional steel market. DII has been actively looking to expand its regional footprint and broaden the scope of its investment activities, said General Manager of Dubai Investments Industries Shukri Al Mehairi. "This acquisition provides us with an opportunity to promote our strategic interests and gain significant traction within the rapidly growing Saudi market."Copyright Emirates News Agency (WAM) 2008.
