ABU DHABI (REUTERS) - A joint venture between the UAE and Singapore plans to invest US$120 million (S$169.3 billion) in Abu Dhabi's industrial zone to manufacture aluminium rolled products, the company said on Monday.
The United Arab Emirates is investing billions of dollars in industry, tourism and infrastructure as it diversifies its economy away from oil.
Emirates Aluminium Rolling (Emiroll), a joint venture between Dubal Holding, Dubai Investment Industries (a subsidiary of Dubai Investments PJSC and Madar Aluminium Rolling Singapore (MARS) said it is setting up the plant in Abu Dhabi's Khalifa Industrial Zone.
The plant will produce 65,000 tonnes of aluminium coils annually for use in the oil and gas refining industries, Emiroll said in a statement, adding it will go on-stream by the third quarter of 2017.
The UAE was ranked the world's fourth largest aluminium producer in 2015, accounting for over 50 percent of the Gulf's aluminium output.