One of the leading investment banks in the Middle East region, Gulf Financial House (GFH), has announced its plans for the creation of a new steel giant in the Middle East and North Africa (MENA) region.
According to GFH's plans, the new mill will be called HadeedMENA and will have an annual production capacity of eight million mt of steel within the next four years, reaching 12 million mt in the future.
HadeedMENA will operate in a number of locations across Asia and Africa, serving both upstream and downstream requirements in the marketplace. Upstream production will be located in countries rich in natural resources, such as iron ore and coal, while downstream activity will focus on high demand for steel across the MENA region.
GFH's financial partners in the project in question will be Emirates International Investment Company, Khaleej Development Company (KDC), Q-Invest and First Energy Bank, and its leading technical partners and market advisors will be MN Dastur and Gulf Organization for Industrial Consulting.
The project will be implemented at a total cost of $5 billion.