By Amr Adel

Dubai – Mubasher: UAE’s Dubai Investments (DI) is considering the construction of an aluminum rolling plant in Khalifa Industrial Zone (Kizad), Abu Dhabi, at an estimated cost of around AED 440 million ($120 million), said CEO Khalid bin Kalban.

In a statement to Mubasher, the top executive added that his company received ownership of the land area on which it will build the plant, expecting construction works to start in the second quarter of 2016.

DI will own a 51% stake in the joint venture, while the remaining stake will be held by a strategic foreign investor, said bin Kalban, adding that his company almost reached an agreement with Emal Emirates Aluminium to receive technical support for the project.

DI, which is 11.5% owned by state-run Investment Corporation of Dubai (ICD), is the biggest investment firm listed on Dubai Financial Market.

Translated by Sayed Abdel Rahman