DUBAL Holding, Oriental Copper to Manufacture High-Quality Copper Products in UAESource: www.export-egypt.com 8/3/2023, Location: Africa |
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DUBAL Holding, the investment arm of Dubai Government in the commodities, mining, power, energy, and industrial sectors, has signed a Memorandum of Understanding (MoU) with Oriental Copper, a manufacturer of high conductivity copper products in Thailand, 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, during a ceremony in the presence of representatives from both sides. This partnership aligns with the MENA region's goal of shifting away from the heavy reliance on copper imports and meeting the growing demand for downstream copper products. A significant step towards import substitution, this partnership aims to manufacture high-quality copper products, including ETP and oxygen-free copper bus bars, profiles, strips, sheets/tapes, alloys, and magnet wires through a production unit with 30,000 MT of copper processing per annum. Commenting on this partnership, bin Fahad said, "We are pleased to sign this MoU with Oriental Copper, one of the leading manufacturers of high-conductivity copper bus bars and other copper fabricated products worldwide. This MoU is a vital step in meeting the region's need for downstream copper products, which is now primarily met by imports. "We are confident this joint venture will increase local employment opportunities and boost the regional economy. This further aligns with our sustainability objectives, as Oriental Copper products foster green energy and lower carbon footprints in the UAE." Under this MoU, DUBAL Holding will assist with local resources and be a co-investor, while Oriental Copper will contribute its extensive technical, operational, and market expertise. This joint venture will further boost the regional economy and provide employment opportunities for around 700 individuals at a local level. Thiptarangoon, in turn, said, "At Oriental Copper, we constantly strive to produce copper of the highest quality for use in the electronics and non-electrical industries as well as in the generation, transmission, and distribution of electrical power. We seek to bring more innovation to the market and employ the greatest copper material to increase efficiency, conserve energy, and lower costs, positively influencing the economy's long-term growth." As part of the MoU, both parties will invest a capital expenditure (Capex) of about AED150 million. The production unit will utilise innovative techniques, including hot extrusion and conform processes. Oriental Copper is a renowned manufacturer that produces high-conductivity copper bus bars and other copper fabricated goods utilised in the global electrical, electronics, and non-electrical industries. |
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