ABU DHABI, Feb 20th 2006 (WAM) - German Emarati Company (BENA) an LLC established by BENA Group, Alfia Investment Company (Offset Fund) and Coppins Holdings has signed an agreement with Germany based MASA HENKE to build a highly automated Precast Autoclaved Concrete (PAC) plant in Mussaffah at a total cost of AED 100 million.
The project will be financed via long-term facility, arranged with Abu Dhabi Commercial Bank The agreement was signed yesterday by Mohamed Khalaf Al Mazrouei, Director of BENA and Jorg Hulsiggensen, Director of Sales at MASA, according to a press release.
The plant's daily production capacity will be around 1,000 cubic meter of PAC blocks and reinforced wall panels and floor slab.
"Making Precast Aerated Concrete (PAC) products available locally will bring considerable environmental, economic and efficiency benefits to the UAE construction market. We are confident of a win-win situation for all concerned" said Mohammed Khalaf Al Mazrouei.
"ADCB realizes the growing needs of our corporate clients, and our efforts are dedicated to meet their sophisticated requirements though presenting tailor maid products and financial solutions. We are pleased to be part of today's agreement in its exciting phase of development," the financing of this important project is a remarkable stepping stone with our partners BENA and UAE Offset group," said Knox CEO of ADCB.
The Alfia Investment Company was set up in July 2000 with the participation of several defense contractors with small offsets obligations. Alfia seeks to maximize its returns from a portfolio of investment projects acceptable under the rules of the UAE Offsets Program.
