The Kurdistan Regional Government (KRG) has licensed an Iraqi firm to build a smelter and steel plant worth nearly US$1.1 billion.
Zamil Steel Industries has demonstrated the advanced capabilities of its new steel plates rolling machine by performing a cold rolled bending of steel plates of 180mm thickness.
Al Khalij commercial Bank (Al Khaliji) Q.S.C and its subsidiary, Al Khaliji France S.A have announced their participation in a US$1.1bn, seven-year financing deal for Abu Dhabi's Emirates Steel Industries (ESI).
Egyptian group, El Sewedy Cables, has reportedly revealed it is due to set up a US$50m cable manufacturing plant in Libya by the end of 2011.
The region's oil producers are set to pump nearly US$22 billion into new aluminium projects and expansion of existing smelters in the next five years as part of an ongoing industrial drive to move away from reliance on oil exports, reports Emirates 24/7.
Alain Charles Middle East FZ-LLC
Office 112, Loft No 2B,
Dubai Media City,
T: +971 (0) 4 448 9260