ADBIC, Midal Cables sign $100 mln JV

Abu Dhabi Basic Industries Corp (ADBIC) said on Sunday it signed a joint venture agreement with Bahrain's Midal Cables under which the companies will set up a $100 million aluminum plant.

The agreement comes as ADBIC expands it downstream business and focuses on building clusters of industries to produce steel, aluminum, and petrochemicals.

Construction on the plant, which will produce 150,000 tonnes of aluminum products annually, will begin in the first quarter of 2010 at Abu Dhabi's Khalifa Port and Industrial Zone at Taweelah, ADBIC said in an emailed statement.