(MENAFN) Khaldoon Khalifa al Mubarak, chief executive of Mubadala, stated that the UAE plans on merging the two aluminum state firms Dubal and Emal to create a company with a value of USD15 billion, reported Arabian Business.
Al Mubarak, who is going to be the chairman of the new firm, also said that the new firm will be called Emirates Global Aluminium and will be the world's fifth largest aluminum company.
The chairman added that Emirates Global Aluminium will have a production capacity of 2.4 million tonnes of aluminum a year by June 2014.
It is worth mentioning that Dubal's president and chief executive Abdulla Kalban will be the chief executive and managing director of the new aluminum giant.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.