The Dubai Aluminum Company (Dubal) has signed loan agreements with the Standard Chartered Bank. The ten-year 368 million Emirati dirham ($50 million) loan contributed to the financing of a major upgrade and retrofit project being carried out by Dubal.
The project, known as Kestrel, with significant contracts being placed with Dubai's private sector, will boost the local economy. Standard Chartered is one of Dubal's relationship banks that are participating in the financing of the project through bilateral loans.
The Kestral development plan was launched last November, aiming to increase Dubal’s aluminum output by 155,000 tons. The company is working towards maximizing the space available at its Jebel Ali location. The upgrade will be carried out in two phases at a total cost of $300 million with the target date of completion set for mid-2003.
State-owned Dubal commenced operations in October 1979. The plant is built on a 480-hectare site, approximately 35 kilometers South of Dubai in the United Arab Emirates. Dubal operates one of the largest and lowest cost primary aluminum smelters in the world. At present Dubal produces about 536,000 tons a year of primary aluminum. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
