Dubai Investments (DI) has signed an agreement with Abu Dhabi National Company for Building Materials (BILDCO) to build a $68mn steel plant in Musaffah, Abu Dhabi.
The new plant will produce 300,000 metric tonnes of reinforced steel bars per year when comes on stream by the end of 2017, a DI statement said.
“Dubai Investments has a strong portfolio in the building materials domain and this joint venture with Bildco for the steel rebars is a strategic fit to further strengthen the company’s leadership in the sector,” said Dubai Investments chief executive Khalid Kalban.
DI will hold a 51% stake in the joint venture with the remaining will be held by BILDCO.