Working with a leading investment and industrial development company like ADBIC further drives the growth of this key sector," said Al-Zayani.
ADBIC and Midal Cables also announced yesterday the signing of a Memorandum of Understanding (MoU) with Emirates Aluminum Company Ltd.
and Midal Cables also announced the signing of a memorandum of understanding with Emirates Aluminium Company Limited aimed at sourcing molten aluminum, the plant's main feedstock, from their new smelter.
He added, "this is one of a series of industrial projects by ADBIC
and an example of the public--private partnership model pursued by us.
Taking part in a panel discussion on 'Diversification: Defining Abu Dhabi's economic outlook' at the 4th UAE Global Investment Forum, the chief executive ADBIC
said that industry will contribute 25 per cent to the emirate's gross domestic product in 2030.
According to Al Shamsi, their industrial cluster dedicated to the plastic conversion industry at ADBIC
is close to 30 per cent reserved.
ESI is a subsidiary of Abu Dhabi Basic Industries Corporation, or ADBIC
, which is owned in turn by General Holding Corporation.
The joint venture agreement was signed by Jamal Al Dhaheri, senior vice-president for Metals at ADBIC, and Hamid Al Zayani, managing director of Midal Cables.
Speaking on behalf of ADBIC, Al Dhaheri said, "The establishment of this strategic partnership with Midal will be the first major milestone towards the expansion of Abu Dhabi's downstream manufacturing capacity in the metals sector.
set up the $4bn polymers park in 2008 with the aim of producing more than 1m t/y of plastics by 2012.