DUBAL Holding, the investment arm of the Dubai Government, signed a Memorandum of Understanding (MoU) with Oriental Copper Co, a Thailand-based manufacturer of high-conductivity copper products, to manufacture high-quality copper products in the UAE.

The MoU was signed by Ahmad Hamad Bin Fahad, CEO of DUBAL Holding and Tuang-Hong Thiptarangoon, President of Oriental Copper Co. 

The partnership envisages a capital expenditure of about 150 million UAE dirhams ($41 million) to set up a production unit with an installed capacity of 30,000 MT per annum and will utilise innovative techniques, including hot extrusion methods and conform processes.

The project marks a significant step towards import substitution and aims to manufacture high-quality copper products, including ETP and oxygen-free copper bus bars, profiles, strips, sheets/tapes, alloys, and magnet wires.

The joint venture is also expected to provide employment opportunities for around 700 individuals at a local level.

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)