February 11, 2018 / 10:39 AM / in 2 months

New $1 bln Abu Dhabi chemicals facility to boost manufacturing

ABU DHABI, Feb 11 (Reuters) - Shaheen Chem Investment LLC, owned by investors from the United Arab Emirates and Oman, will build a new chemical complex with an investment of 4 billion dirhams ($1.08 billion) in Abu Dhabi, boosting the chemical manufacturing sector in the UAE.

Shaheen Chem Investment signed an agreement with the Khalifa Industrial Zone of Abu Dhabi (KIZAD) to lease land for the complex, a statement from Kizad said on Sunday.

The new facility will supply raw material for some of the UAE’s major industrial firms including Emirates Global Aluminium (EGA), the statement said. (Reporting By Stanley Carvalho, editing by Saeed Azhar)

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