DUBAL Holding and Oriental Copper plan JV to manufacture downstream copper products in UAE

DUBAL Holding and Oriental Copper plan JV to manufacture downstream copper products in UAE

DUBAL Holding, the investment arm of the Dubai Government, signed a Memorandum of Understanding (MoU) with Oriental Copper Co, a Thailand-based manufacturer of high-conductivity copper products, to manufacture high-quality copper products in the UAE.

The MoU was signed by Ahmad Hamad Bin Fahad, CEO of DUBAL Holding and Tuang-Hong Thiptarangoon, President of Oriental Copper Co.

The partnership envisages a capital expenditure of about 150 million UAE dirhams ($41 million) to set up a production unit with an installed capacity of 30,000 MT per annum and will utilise innovative techniques, including hot extrusion methods and conform processes.

The project marks a significant step towards import substitution and aims to manufacture high-quality copper products, including ETP and oxygen-free copper bus bars, profiles, strips, sheets/tapes, alloys, and magnet wires.

The joint venture is also expected to provide employment opportunities for around 700 individuals at a local level.

(Writing by SA Kader; Editing by Anoop Menon)

([email protected])

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2022