GIC to Set Up Steel Plant in UAE

KUWAIT CITY, 24 May 2004 — The Gulf Investment Corporation (GIC), a business company owned by the Gulf oil states, yesterday signed a $200 million deal to set up a steel plant in the United Arab Emirates (UAE). The plant, to go on line by the start of 2007, will produce 90,000 tons of various sizes of stainless steel, GIC chief executive officer Hisham Razzuqi said in a statement.