Mubadala inks overseas aluminum deal
Mubadala is continuing with aggressive overseas expansion plans, announcing a joint venture with 1 Malaysia Development for the construction of a US$4 Billion aluminium plant in the South East Asian country.
Mubadala has an impressive track record of forming successful joint ventures, having recently completed a smelter in Abu Dhabi with Dubai Aluminium.
Waleed al Muhairi, chief operating officer, Mubadala, when speaking about his firm’s intentions to invest further in the aluminium sector, reinforced why companies from the Emirates are investing heavily in aluminium developments at home and abroad and why they will continue to do so.
"Aluminium is a core sector. We are extremely happy with the success of that investment so we plan to invest further as opportunities arise," al Muhairi told The National.
"We want to invest in aluminium smelters in places that have similar advantages to Abu Dhabi with competitive energy costs and good logistics," he added.
With statistics showing increasing demand for the metal, the UAE is positioning itself as a premier aluminium producing country.
According to aluminium dedicated website The Aluminum Association, the global market for aluminium is projected to reach nearly 51 million tons by the year 2012.