UAE – Mubasher: Mubadala Investment Company is close to launching the initial public offering (IPO) of Emirates Global Aluminium (EGA), Bloomberg reported, citing Mubadala's CEO, Khaldoon Al Mubarak.

The IPO was originally planned to take place in 2018 or 2019 but was delayed due to the tariffs imposed by then-US President Donald Trump on aluminium imports from the UAE and many other countries.

In February, President Joe Biden announced his intention to keep these tariffs in place.

“We will decide, obviously, when the appropriate market conditions are there, but the company is certainly in a very strong position and I think is well placed for an IPO,” Al Mubarak remarked during a virtual conference.

It is noteworthy to mention that EGA is equally owned by Mubadala and Investment Corporation of Dubai.

Meanwhile, Mubadala is in talks with the US-based EIG Global Energy Partners to join a consortium investing in Saudi Aramco’s oil pipelines.