The Abu Dhabi Water and Electricity Authority (ADWEA) and Dubai Electricity and Water Authority (DEWA), yesterday launched a Dh500 million (US$136.1m) joint venture to make high-voltage cables for local use and export to GCC countries.
Abu Dhabi and Dubai are seeking to diversify their economies and develop industrial sectors. The venture is a rare example of industrial co-operation between the two and expands a 50-50 partnership in Ducab, the cable maker.
“The project is a reflection of the UAE’s vision to grow the industrial sector and national infrastructure,” said Saeed al Tayer, the chief executive of DEWA.
Half of the shareholding will be held by Ducab, with the two emirates equally controlling the rest.
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