Emirates Global Aluminium (EGA) is raising US$4.9 billion through a seven-year syndicated debt facility to refinance existing loans.
Samer Jumean, EGA’s head of financing and capital markets, said it “marks the first of a series of transactions being implemented to optimise EGA’s capital structure”.
The loans, which were secured in 2007, and renewed in 2012, were used to fund its expansion. The company has appointed seven banks as bookrunners.
Meanwhile, EGA has also awarded a contract to the Spanish renewables specialist Abengoa to build its first cogeneration plant.
The Spanish firm will initially carry out a $50 million preparatory works deal for a cogeneration plant at EGA’s main Al Taweelah complex in Abu Dhabi. This includes site mobilisation, basic and detailed engineering plans and the purchase of long lead items needed to build the facility.
However, it is expected to pave the way for a deal worth an eventual $215m that will include the plant’s construction.
The cogeneration plant will have a capacity of 220 megawatts and be capable of generating up to 600 tonnes of steam per hour. Its construction is expected to generate about 750 jobs.
Adil Toubia, the chief executive of Al Ghurair Investment, also revealed at yesterday’s Dubai Chamber CEO Forum that it is building a $14m cogeneration power plant to serve the Al Ghurair Resources Refinery and the oils and proteins businesses in the Jebel Ali Free Zone.
The plant will be completed by the end of the year, said Mr Toubia.
“It not only generates power, [but] it also generates steam. We use that steam for our own processes in the plant. This will reduce the carbon footprint that we generate by 30 per cent,” he said.
Al Ghurair Resources estimates the plant will reduce the amount of carbon dioxide produced by 2,000 tonnes a month, but will also pay for itself in under three years as a result of the savings made in utilities costs.
“After two-and-a-half years it will save us money, so it’s definitely a worthwhile investment,” added Mr Toubia.
EGA is now one of the world’s top five aluminium producers, with its Al Taweelah Complex now producing about 1.3 million tonnes of aluminium per year following an investment of more than $10bn since it was inaugurated in 2009.
A further $3bn is being spent on an alumina refinery due to complete at the end of 2017.
The facility, which was built by Mubadala, was merged with Investment Corporation of Dubai’s Dubai Aluminium (Dubal) plant in 2013.
mfahy@thenational.ae
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Company%20Profile
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The bio
His favourite book - 1984 by George Orwell
His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard
Favourite place to travel to - Peloponnese, Southern Greece
Favourite movie - The Last Emperor
Favourite personality from history - Alexander the Great
Role Model - My father, Yiannis Davos
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
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Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Company%20Profile
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The biog
Title: General Practitioner with a speciality in cardiology
Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India
Education: Medical degree from the Government Medical College in Nagpur
How it all began: opened his first clinic in Ajman in 1993
Family: a 90-year-old mother, wife and two daughters
Remembers a time when medicines from India were purchased per kilo
SECRET%20INVASION
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MATCH INFO
Manchester United 1 (Rashford 36')
Liverpool 1 (Lallana 84')
Man of the match: Marcus Rashford (Manchester United)
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
Dubai World Cup nominations
UAE: Thunder Snow/Saeed bin Suroor (trainer), North America/Satish Seemar, Drafted/Doug Watson, New Trails/Ahmad bin Harmash, Capezzano, Gronkowski, Axelrod, all trained by Salem bin Ghadayer
USA: Seeking The Soul/Dallas Stewart, Imperial Hunt/Luis Carvajal Jr, Audible/Todd Pletcher, Roy H/Peter Miller, Yoshida/William Mott, Promises Fulfilled/Dale Romans, Gunnevera/Antonio Sano, XY Jet/Jorge Navarro, Pavel/Doug O’Neill, Switzerland/Steve Asmussen.
Japan: Matera Sky/Hideyuki Mori, KT Brace/Haruki Sugiyama. Bahrain: Nine Below Zero/Fawzi Nass. Ireland: Tato Key/David Marnane. Hong Kong: Fight Hero/Me Tsui. South Korea: Dolkong/Simon Foster.
Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
WTL%20SCHEDULE
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Company%20Profile
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
AS%20WE%20EXIST
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Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
Company%20profile
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WHAT%20IS%20'JUICE%20JACKING'%3F
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COMPANY%20PROFILE%20
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88 Video's most popular rentals
Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.
Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
UAE%20v%20West%20Indies
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AIR
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
