Reply #78: Alabbar inks $1.6bn Malaysian smelter deal [View All]

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http://www.arabianbusiness.com/alabbar-inks-1-6bn-malaysian-smelter-deal-396939.html

Leading UAE businessman Mohamed Alabbar has teamed with one of Malaysia’s best known entrepreneurs to develop a $1.6 billion aluminium smelting plant in the state of Sarawak, Malaysia.

Gulf International Investment Group (GIIG) Holdings, headed by Malaysian entrepreneur Tan Sri Syed Mokhtar Al-Bukhary and Alabbar, also the chairman of Emaar, have entered into a joint venture agreement with Aluminium Corporation of China (CHINALCO) to develop the project.

Smelter Asia will develop, own and operate the private aluminium plant with an annual capacity of 370,000 metric tonnes during the first phase.

On further availability of power from the grid, the plant capacity is planned to be increased up to 700,000 metric tonnes.