Emal to raise Dh2.6b for smelter expansion

Dubai: Emirates Aluminium (Emal), which has plans to become the world's biggest single aluminium smelter, expects to raise $700 million (Dh2.6 billion) from credit agencies by next month, the company's finance chief said yesterday.

So far there has been no difficulty in raising funds for the project's phase two, Chief Financial Officer Bill Campbell said.

"We are raising $700 million from export credit agencies which is in a cash closing position and is expected to close next month," he said.

Emal is a 50-50 joint venture between Dubai Aluminium Company Limited (Dubal) and Mubadala Development Company (Mubadala), Abu Dhabi's investment vehicle.