Thursday, Mar 17, 2011
BEIRUT (Zawya Dow Jones)--Saudi industrial conglomerate Zamil Group and the U.A.E.'s Mulk Holdings have signed a memorandum of understanding to set up a joint venture company in Saudi Arabia for the manufacture of metal composite panels and coated aluminum coils, Abu Dhabi-based Al Ittihad daily reports Thursday.
The plant, which will be located in the Jubail industrial area, will consist of two composite panel production lines with a combined capacity of 4 million square meters a year, and one coating line with an annual output of 12,000 tons of coated coils, it adds.
The joint venture, which is just the prelude to more projects in the future, will allow Mulk Holdings to have a strong base in Saudi Arabia, Shaji Ul Mulk, the company's chairman, said according to the paper.
Mulk Holdings is a multiline conglomerate focusing on renewable energy, construction materials and healthcare.
Newspaper website: http://www.alittihad.ae/details.php?id=25462&y=2011
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
17-03-11 1001GMT
