Dubai Investments (DI), an investment conglomerate, has announced a joint venture with Abu Dhabi National Company for Building Materials (Bildco) for setting up a steel plant in Musaffah, Abu Dhabi, at a cost of Dh250 million ($68 million).
The new plant, expected to go on stream by the end of 2017 at Industrial City of Abu Dhabi (ICAD) III in Musaffah, will produce 300,000 tonnes of reinforced steel bar per annum, once fully operational.
Dubai Investments’ wholly-owned subsidiary Dubai Investments Industries (DII) holds 51 per cent stake in the joint venture and the remaining is held by Bildco. A memorandum of understanding (MoU) to this effect was signed by Mohammed Al Raqbani, general manager of Dubai Investments Industries and Dr Nasser Saif Al Mansoori, board member of Bildco, in April.
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