Dh450m aluminium foil unit to be set up

Dubai Investments has reached a memorandum of understanding with Al Ghurair Private Co and Pechiney to set up an aluminium foil rolling plant in Dubai. Projected investments are between Dh400-450 million.

The new entity, Emiroll, will be operated by France's Pechiney, which will use its latest continuous casting and rolling technology.

It will be developed at the Dubai Investments Park, which makes it close to Dubai Aluminium's smelter and the Jebel Ali port.

Construction will start by the end of the year, and is scheduled to be completed in 24 months. The financial arrangements have been concluded.

"This is another milestone in Dubai Investments' road to becoming a leading regional investments company. We had the foresight to identify a niche in the aluminium foil market, both in the region and nearby markets," said Khalid bin Kalban, chief executive of Dubai Investments.

"Since the project's initiation in 1997, we have been promoting it and after having invested a significant amount of time and resources in it, we are very happy to see it finally reach its maturity."

The plant will have a capacity of 33,000 tonnes a year of aluminium foils, strips and coils. It is expected to generate revenues of over Dh290 million.

"The new plant will complement our existing eurofoil operations which have a current capacity of 100,000 tonnes a year," said Jean Marc Germain, senior vice-president of Pechiney.

"Being in Dubai offers us opportunities to strengthen our market position in the Gulf and other countries of the Middle and Far East." Pechiney reported revenues of 11 billion euro in 2001.

Added Majid Saif Al Ghurair of Al Ghurair Private Co: "The new venture with two strong companies in their fields reflects our existing plans to focus on solid manufacturing opportunities with strong export potential, thus further contributing to the economic growth of Dubai."