Abu Dhabi's Mubadala has offered to buy a stake in state-owned Dubai Aluminium (Dubal), a local daily reported on Thursday, a deal that will give Dubai funds to repay debt and help consolidate the nation's aluminium industry.
Investment fund Mubadala's deal will create a new holding company which includes Emirates Aluminium Co (Emal) -- a joint venture between Dubal and Mubadala -- and will have a production capacity of 2.5 million tonnes annually, Dubal Chairman Sheikh Hamdan Bin Rashid Al Maktoum was quoted as saying by the Gulf News on Thursday.
Sheikh Hamdan, who is also Dubai's deputy ruler and UAE finance minister, spoke at a news conference event to discuss Dubal's annual results.
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