DUBAI, United Arab Emirates (AP) — State investment companies in the United Arab Emirates' two biggest cities say they have jointly created an aluminum producer that will rank among the world's largest producers of the metal.
Mubadala Development Company of Abu Dhabi and the Investment Corporation of Dubai said on Monday they have formally incorporated the new Abu Dhabi-based company, known as Emirates Global Aluminium.
It combines the operations of Dubai Aluminium, the country's largest smelter, with Abu Dhabi-based Emirates Aluminium.
The move tightens the economic bonds between the oil-rich capital, Abu Dhabi, and the commercial hub of Dubai.
Financial terms were not disclosed.
The new company aims to produce 2.4 million tons of aluminum annually by mid-2014. It owns mining and refining operations in the African nation of Guinea to supply the raw material bauxite.