New Emirates cement company established
Emirates Cement Company is to be established by Dubai Holding in partnership with Orascom Construction Industries, Dubai Investment Group and the Fujairah Government, reported Wam. Its first project is a greenfield cement plant with a total production capacity of 3Mta in Fujairah.
Chief Executive Officer of Dubai Holding and Chairman of Dubai Investment Group, Mohammed Al Gergawi commented "This is a tremendous opportunity for our Group and we are confident that this strategic alliance will prove prosperous for all parties in addition to adding great benefit to the region. The plant and the raw material quarries will be located in Fujairah. Construction work at the site is already underway and is expected to be completed in 24 months. OCI will be responsible for managing and operating the new plant," he added.
Al Gergawi added that establishing Emirates Cement Company is in line with the strategy of Dubai Holding to expand its investments in the different Emirates. He said that this is the first project of Dubai Holding in Fujairah and that there are other such projects which are under study for future investments.
Soud Ba’alawy, Chief Executive Officer of Dubai Investment Group LLC, commented; "In addition to the Emirates Cement Company project, DIG and OCI have entered into a strategic partnership to co-invest in greenfield industrial and infrastructure projects in key emerging markets including Egypt. This first project will lay the foundation of a continued program of investment in high quality industrial products."
OCI Chief Executive Officer, Nassef Sawiris commented "we are extremely pleased with our new partnership with DIG and the Government of Fujairah. We believe the UAE cement market offers significant growth opportunities and our partners have a unique knowledge of the domestic economy. We believe Emirates Cement Company will serve as a model for the UAE cement industry going forward setting new efficiency, safety and environmental standards. This project marks what we believe will be the beginning of an important long-term strategic alliance with DIG."
