Ittihad International Investment – a UAE-based group with pursuits throughout a spread of industries – has signed a deal value $272mn (AED1bn) to build a brand new ‘wood-free’ mill producing printing and writing paper.
The deal was signed with Zonescorp, the Special Economic Zone close to Musaffah in Abu Dhabi, at a commerce honest in Hannover, in accordance to Emirates News Agency.
Ittihad International already has 220,000m2 of house unfold over seven items inside Zonescorp Industrial City, however the brand new mill can be unfold over 230,000m2 inside an current cluster of paper corporations at ICAD II. It is ready to be constructed over two phases, however may have an aventual capability of over 600,000 tons and make use of greater than 200 folks.
It is anticipated to export round 85% of the product. with the majority shifting by means of Khalifa Port.
Ittihad International has pursuits in a spread of corporations together with metal, constructing supplies and chemical compounds. Within eight years, it has grown into an enterprise with revenues of round $1.6bn (AED5.9bn) and greater than 10,000 workers.
Zonescorp CEO Mohamed Hasan Al Qemzi stated: “The Ittihad facility is a massively vital addition to our paper manufacturing cluster and for Abu Dhabi.
“It will not be solely a top quality enterprise that can compete on a worldwide scale, but it surely has attracted commitments from Ittihad’s upstream companions similar to calcium carbonate and starch producers who’ve dedicated to transfer to the cluster including one other AED100mn ($27.2mn) in new funding.”