Abu Dhabi group to invest $490m in cable plants
Abu Dhabi, May 10, 2008
Emirates International Investment Company (EIIC) said on Saturday it plans to invest Dh1.8 billion ($490.1 million) to build new cable factories and boost production at an existing one.
Abu Dhabi-based EIIC plans to set up factories in Saudi Arabia, Romania and Vietnam to meet market demand amid a construction boom, it said in a statement.
The firm has already started construction of two factories in Abu Dhabi, which will produce 100,000 tonnes a year of aluminium rods and 25,000 tonnes a year of magnetic wires.
It also plans to boost production of copper cables in its Algeria factory to 60,000 tonnes to meet rising demand in North African markets.-Reuters