11 DECEMBER 2015AlCircle.com
Mumtalakat's aluminium plans not price-driven, opine experts
Edited by : AL CIRCLE
2 min read
Recent developments within Bahrain's aluminium sector, spurred by investment from sovereign wealth fund Mumtalakat, are not in response to global commodity prices, observed industry experts keeping a tab on GCC aluminium developments.
Mumtalakat confirmed in November that it has entered a 49% joint venture (JV) with Indian aluminium firm, Synergies Castings, which will establish a facility in the Kingdom. Reports during the month also stated that the wealth fund is keen to enter a similar arrangement with Spanish materials manufacturer, Aleastur.
Mahmood Al Kooheji, chief executive officer of Mumtalakat, told Construction Week that while no details about the latter JV can be revealed just yet, he is optimistic about working with Synergies.
"With regards to Aleastur, we can confirm that we are in discussions but cannot comment any further at this stage," he said. "Aluminium is a very important sector to Bahrain and to Mumtalakat and it is an area of long term growth. The joint venture with Synergies is not a response to a movement in commodity prices, but a longer term investment," he added.
Mumtalakat's JV with Synergies stipulates the development of an aluminium casting and speciality alloy wheel manufacturing facility in Bahrain.
The project will be situated at the upcoming molten metal park, being developed adjacent to Aluminium Bahrain (Alba), which is a combined initiative between Mumtalakat and the Bahrain Economic Development Board.
The facility will offer comprehensive design, engineering, advanced simulation, product development and manufacturing capabilities; with an annual production capacity of approximately 25,000 metric tonnes.
Mumtalakat confirmed in November that it has entered a 49% joint venture (JV) with Indian aluminium firm, Synergies Castings, which will establish a facility in the Kingdom. Reports during the month also stated that the wealth fund is keen to enter a similar arrangement with Spanish materials manufacturer, Aleastur.
Mahmood Al Kooheji, chief executive officer of Mumtalakat, told Construction Week that while no details about the latter JV can be revealed just yet, he is optimistic about working with Synergies.
"With regards to Aleastur, we can confirm that we are in discussions but cannot comment any further at this stage," he said. "Aluminium is a very important sector to Bahrain and to Mumtalakat and it is an area of long term growth. The joint venture with Synergies is not a response to a movement in commodity prices, but a longer term investment," he added.
Mumtalakat's JV with Synergies stipulates the development of an aluminium casting and speciality alloy wheel manufacturing facility in Bahrain.
The project will be situated at the upcoming molten metal park, being developed adjacent to Aluminium Bahrain (Alba), which is a combined initiative between Mumtalakat and the Bahrain Economic Development Board.
The facility will offer comprehensive design, engineering, advanced simulation, product development and manufacturing capabilities; with an annual production capacity of approximately 25,000 metric tonnes.
Unlock full access – sign up for FREE.
Key benefits
Find exclusive data-driven insights and in-depth analysis
Get our daily newsletter delivered straight to your inbox
Access real-time and historical price trends from global indices
Post and respond to latest business leads
Stay ahead with alerts on learning tools
...and so much more!SIGN UP / LOGIN
Previous article
U.S. Commerce Dept raises import duties on some Chinese aluminium extrusions
Next articleDoors opening for women at Hydro’s German aluminium plant
Grow with
AL Circle
