Reuters reported that Emirates Aluminum, a JV between Abu Dhabi's Mubadala and Dubai Aluminum plans to invest USD 3.8 billion for its Phase II development as it ramps up production to become the single largest Greenfield smelter in the world.

Mr Saeed Fadhel Mazrouei CEO of EMAL said that "Phase II which we have just started rolling will have an investment of USD 3.8 billion. The Phase I investment totalled USD 5.7 billion.

German companies are actively involved in building Emal's facilities with 23 German firms securing contracts worth USD 243 million in the Phase I. In the second phase, German companies have already bagged contracts worth USD 184 million.

Mr Mazrouei said that EMAL has received loan facilities of USD 220 million from the German Export Credit agency. Current production is 750,000 tonnes per year rising to 800,000 tonnes by the end of 2012. Production will rise further to 1.4 million tonnes annually when phase two gets operational in 2014.

He said that in August, Emal had awarded USD 700 million in contracts for an expansion project it plans to complete by 2014. The company’s products are exported to 280 companies in 36 countries.

(Sourced from Reuters)