The National
Emal to secure funds for Kizad plant expansion
Edited by : AL CIRCLE
1 min read
Emirates Aluminium has secured financing for the world's biggest aluminium smelter, to be built in the new Khalifa Industrial Zone in Abu Dhabi.
Emal, a joint venture between Mubadala, a strategic investment company owned by the Abu Dhabi Government, and Dubai Aluminium, raised US$3.4 billion in loans, according to Bloomberg. Of those loans, $2.93bn are conventional, while $475 million are Islamic products.
Construction of the new smelter is under way, and the $4.58bn expansion project will increase output at the Khalifa Industrial Zone Abu Dhabi to 1.3 million tonnes per year by 2015, from 800,000 per year.
The aluminium producer expects to raise a further $600m from export credit agencies, according to Bloomberg.
The company received bids from a group of 22 foreign and local banks for loans of $4.3bn in January. It plans to raise $1bn of bonds in the second half of the year, according to Bloomberg, most likely with a 16-year tenor and an amortizing structure.
Emal, a joint venture between Mubadala, a strategic investment company owned by the Abu Dhabi Government, and Dubai Aluminium, raised US$3.4 billion in loans, according to Bloomberg. Of those loans, $2.93bn are conventional, while $475 million are Islamic products.
Construction of the new smelter is under way, and the $4.58bn expansion project will increase output at the Khalifa Industrial Zone Abu Dhabi to 1.3 million tonnes per year by 2015, from 800,000 per year.
The aluminium producer expects to raise a further $600m from export credit agencies, according to Bloomberg.
The company received bids from a group of 22 foreign and local banks for loans of $4.3bn in January. It plans to raise $1bn of bonds in the second half of the year, according to Bloomberg, most likely with a 16-year tenor and an amortizing structure.
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