UAE's EMAL gets approval for $4.5 billion investment

Abu Dhabi-based Emirates Aluminium (EMAL) has received approval from its board for a $4.5 billion investment that will almost double the aluminium smelter's annual capacity, the company said on Sunday. Capacity will rise to 1.3 million metric tonnes on completion of its planned phase II project, the state-owned firm said.
EMAL is a 50-50 joint venture between Dubai Aluminium Company Ltd (Dubal) and Mubadala Development Co Mubadala), Abu Dhabi's investment vehicle. The company, which supplies customers in 36 countries, first started production from its $5.7 billion project located at Al Taweelha in Abu Dhabi in January 2010.