Dubai-Mubasher: Dubai Investments (DI) signed a joint venture (JV) agreement with Abu Dhabi National Company for Building Materials (Bildco) to build a AED 250 million steel plant in Abu Dhabi, according to a statement.
Dubai Investments Industries (DII), a wholly-owned subsidiary of DI, holds 51% stake in the JV and the remaining is held by Bildco.
The project is expected to be operational by the end of 2017 at Industrial City of Abu Dhabi (ICAD) III in Musaffah.
The plant will produce 300,000 metric tonnes of reinforced steel bars annually.
