Metals

Cable manufacturing plant earmarked for Libya

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Egyptian group, El Sewedy Cables, has reportedly revealed it is due to set up a US$50m cable manufacturing plant in Libya by the end of 2011.

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Investing in aluminium

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The region's 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.

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Emirates Steel agrees project financing and increases production

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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.

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Egypt to build 12 new steel mills

Egypt to build 12 new steel mills

Egypt's 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.

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Sohar Aluminium stake bought for US$400mn

The Abu Dhabi National Energy Company (TAQA), has signed an agreement to buy a 40 per cent stake in Sohar Aluminium Company (SAC) from the Abu Dhabi Water and Electricity Authority (ADWEA) for US$400mn. SAC produces 360,000 tonnes of aluminium per annum and also owns and operates a 1,000 MW combined cycle captive power plant. SAC is a joint venture between the Oman Oil Company, ADWEA and Rio Tinto Alcan.

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