Mubadala Development Company (ICD) of Abu Dhabi and the Investment Corporation of Dubai today announced the creation of Emirates Global Aluminium with a value over USD 15 billion.
The jointly-held, equal-ownership company will integrate the businesses of Dubai Aluminium (DUBAL) and Emirates Aluminium (EMAL) - with plans for significant local growth and international expansion.
The Chairmen of the two shareholding companies, Sheikh Mohammad bin Rashed Al Maktoum, Vice-President, Prime Minister of the UAE and Ruler of Dubai, and General Sheikh Mohammad bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, witnessed the signing of the agreement.
The accord builds on a successful partnership that started with the formation of EMAL in 2006, a joint venture of Mubadala and DUBAL. Emirates Global Aluminium will have an aggregate enterprise value of more than USD 15 billion and will be the fifth-largest global aluminum company by production once EMAL Phase II is complete in the first half 2014.
Building on the heritage of EMAL and DUBAL, the new company will look to expand along the value chain, from aluminum smelting to alumina refining and bauxite mining overseas. Given its scale, Emirates Global Aluminium will also continue to attract downstream manufacturing and ancillary businesses related to aluminum smelting and alumina refining as it grows, thereby indirectly creating additional jobs.
Emirates Global Aluminium will be managed by a board of directors that will be chaired by Khaldoon Khalifa Al Mubarak, current Chairman of EMAL, while Saeed Mohammad Ahmad Al Tayer, Vice-Chairman of DUBAL, will become its vice-chair. The board will also include Dr. Sultan Al Jaber, Abdulla Kalban, Khaled Al Qubaisi, Ahmad Yahia Al Idrissi, Abdulwahed Mohammad Al Fahim and Khalid Al Bakhit.
The new company will be led by two well-established leaders in the UAE, both veterans in the aluminum industry. Abdulla Kalban, President and CEO of DUBAL with 28 years of experience, will be Managing Director and CEO, and Saeed Al Mazrooei, President and CEO of EMAL and leader of its rise in the industry, will become CEO of UAE Operations.
Emirates Global Aluminium will accelerate employment with 2,000 direct jobs being created by 2020, adding to more than 6,200 direct jobs already in existence.
A further 6,000 indirect jobs are expected to be generated, delivering total employment of over 33,000 people by the UAE aluminum sector by the end of this decade.