UAE-based Dubai Investments has signed an agreement with another UAE-based company Abu Dhabi National Company for Building Materials (Bildco) to form a joint venture to set up a AED 250 million ($68 million) steel plant in Abu Dhabi’s Mussaffah area, according to media reports. Dubai Investments will hold 51 percent of the joint venture, while the remaining shares will belong to Bildco.
The plant, which is expected to start production by the end of 2017, will produce 300,000 mt of rebar per year once fully operational.