DUBAL Completes Expansion Plan
K.T. Abdurabb, Arab News
DUBAI, 30 November 2006 — Sheikh Hamdan ibn Rashid Al-Maktoum, deputy ruler of Dubai and UAE minister for Finance and Industry and chairman of Dubai Aluminum Company (DUBAL), yesterday inaugurated Potlines 7b and 9b on successful completion of the more than AED1 billion ($280 million) expansion program. The expansion program has resulted in an increased capacity of 100,000 tons per annum, raising the total annual production capacity of DUBAL, one of the world’s largest producers of premium quality aluminum, to 861,000 tons a year.
ABC Meeting Set for Early December
Arab News
ABU DHABI — Sheikh Mohammed ibn Zayed Al-Nahyan, Abu Dhabi crown prince and deputy supreme commander of the UAE Armed Forces, will host the third annual meeting of the Arab Business Council in Abu Dhabi from Dec. 2-3. More than 70 business leaders from around the Arab world are expected to attend the meeting, which will be opened by UAE Foreign Minister Sheikh Abdullah ibn Zayed Al-Nahyan. The council, a high-level World Economic Forum initiative formed in 2003 to build cooperation between business leaders and government and among leading corporate institutions to boost competitiveness in the Arab world, is expected to draw senior government ministers from across the region.
Abyaar to Build First Freehold Development
Arab News
DUBAI — Kuwait’s Abyaar Real Estate Development, which recently entered the UAE market with a capital investment of $1.4 billion, is to build the first freehold development in the Jumeirah district of Dubai, one of the most sought after addresses in the emirate. Designed as a gated community, Acacia Avenues, with an investment value of $550 million, will deliver a distinctive and luxurious lifestyle with contemporary, yet feature-filled, sky villas, villas and apartments, gardens and extensive leisure and retail facilities.
Construction of New Plants Begins
Arab News
ABU DHABI — Al-Nasser Industrial Enterprises (ANIE), one of the UAE’s leading private sector manufacturing companies, yesterday launched the construction of two new manufacturing plants in Abu Dhabi. The new manufacturing facilities are located in Industrial City of Abu Dhabi (ICAD 1) in Mussafah. The two new plants will occupy 200,000 square meters and are expected to be commissioned by April 2008. One of the plants will be a HYL-ZR DRI (Direct Reduced Iron) sponge iron plant with a capacity of 250,000 tons per annum. The other plant will manufacture steel billets and have a capacity of 350,000 tons per annum.
DIFC, FT Host Fund Conference
Arab News
DUBAI — As part of DIFC Week, the Dubai International Financial Center and the Financial Times hosted a Financial Times Fund Management Conference in Dubai yesterday. The conference aimed to educate leading fund managers about the opportunities for investors in a region that has been referred to as the largest untapped market for financial services. DIFC Governor Dr. Omar Bin Sulaiman, said: “The Financial Times is the world’s leading global business newspaper and we are privileged that such a prestigious and influential organization should be hosting the conference as part of the DIFC Week”.
TAQA to Enter Indian Energy Sector
Arab News
ABU DHABI — The Abu Dhabi National Energy Company (TAQA) announced yesterday its intention to enter into joint development, financing, and implementation of Indian energy sector projects, together with India’s Infrastructure Leasing & Financial Services Ltd. (IL&FS). Under the terms of the arrangement, TAQA would invest substantial capital in various power and transmission projects in India, enabling them to come online faster and more productively.
