The regions oil producers are set to pump nearly US$22 billion into new aluminium projects and expansion of existing smelters in the next five years as part of an ongoing industrial drive to move away from reliance on oil exports, reports Emirates 24/7.
Emirates Steel, the largest integrated steel producer in the UAE and a strategic steel player in the Middle East steel industry, recently signed a US$1.1bn, seven-year project financing agreement with a consortium of seven conventional banks and two Islamic finance institutions.
Abu Dhabi has unveiled its largest infrastructure project to date: the world?s biggest industrial zone project which is being built in Taweelah. 100 per cent foreign ownership rights will be granted to specific industrial units that add value to the emirate?s drive for economic diversification.
Jotun Paints, one of the leading producers and suppliers of paints and coatings, announced that it has secured a massive contract to paint the major part of ?King Abdullah Financial District? (KAFD), currently under construction in Riyadh.
Egypts Ministry of Trade and Industry has announced it will offer 12 new steel mill licenses to meet rapidly increasing demand and to stave off an expected shortage by 2017.
The deadlines for the launch of the factory building licenses will be finalised by the beginning of next month, the ministry has said.
