Hellenic Aluminium Industries SA of Greece ("ELVAL"), Mubadala development company (PJSC) of Abu Dhabi, and Ahmad H Algosaibi & Bros. of Saudi Arabia ("Algosaibi") have signed a memorandum of understanding for the development of an aluminium rolling mill facility with a minimum capacity of 350,000 tpy. The rolling mill facility will be located at the Khalifa Port and Industrial Zone in Abu Dhabi. The main final products will include can-body and can-end stock, foil stock, paint stock, automotive coils, hot coils and general purpose coils. This investment will provide further opportunities for local private investments in the downstream aluminium industry. A working group of senior experts from the parties involved, has been formed to coordinate and manage a feasibility study.
Subject to the findings of the feasibility study and the signing of the final agreements, the parties will proceed with the investment. Elval produces aluminium rolled products including aluminium can-body and can-end stock, exporting 80% of its production to over 60 countries around the world. Mubadala, a strategic investment and development vehicle established and wholly owned by the Government of the Emirate of Abu Dhabi is developing a number of strategic projects in the UAE, (through its subsidiary Emirates Aluminium Company, EMAL) including the Aluminium Smelter at the Khalifa Port and Industrial Zone, and promotes local added value downstream industries from the Smelter. Algosaibi, a private company that owns a wide range of industries in Saudi Arabia and the Middle East, requires aluminium can-body and can end stock for the can making operations it co-owns with Crown Holdings.