Abu Dhabi - Ahmad H. Algosaibi and Brothers of Saudi Arabia ("Algosaibi"), Mubadala Development Company (PJSC), a strategic investment and development vehicle established and wholly owned by the Government of the Emirate of Abu Dhabi, and Hellenic Aluminium Industries SA of Greece ("Elval") have signed a memorandum of understanding to conduct a feasibility study for the development of an Aluminium rolling mill facility with a minimum capacity of 350,000 tpy. Such capacity will cover the entire needs of the Middle East and North Africa (MENA) for can-body and end stock, in addition to all other types of aluminium rolled products, with possibility to export to Europe and Asia.
The rolling mill facility will be located at the Khalifa Port and Industrial Zone in Abu Dhabi. The main final products will include can-body and can-end stock, foil stock, paint stock, hot coils and general purpose coils. This investment will provide further opportunities for local private investments in the downstream aluminium industry.
A working group with senior experts from all the parties has already been formed to coordinate and manage all works during the feasibility study stage.
Algosaibi, a private company that owns a wide range of industries in Saudi Arabia and the Middle East, requires aluminium can-body and can end stock for the can making operations it co-owns with Crown Holdings.
Mubadala is developing a number of strategic projects in the UAE, (through its subsidiary Emirates Aluminium Company, EMAL) including the Aluminium Smelter at the Khalifa Port and Industrial Zone, and promotes local added value downstream industries from the Smelter.
Elval produces aluminium rolled products including aluminium can-body and can-end stock, and cooperates closely with Furukawa Sky Aluminium Corporation of Japan.
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© Press Release 2007
