Emirates Global Aluminium (EGA) will expand into China by opening its first office in Shanghai to source raw materials and other supplies, the company said yesterday.
The new office will be run by EGA’s Chinese subsidiary, building on the strong ties already present, with EGA sourcing more than US$500 million of supplies from the Asian country over the past two years.
“China is already a substantial source of raw materials and supplies for EGA, and we expect the importance of China for our business to grow in the coming years,” said Abdulla Kalban, EGA’s managing director and chief executive.
China is the UAE’s second-largest trading partner and also the world’s largest bauxite importer and a major aluminium producer.
EGA has already been working to shore up its bauxite production, the material that is used in the making of alumina, the main ingredient in aluminium.
This includes the expansion of its mine and export facilities in Guinea, which hold more than a quarter of the world’s bauxite.
This will allow for more cost-effective larger shipments to distant markets, making Guinean bauxite more competitive.
Commercial bauxite operations are expected next year, but sample shipments have already been flowing into the market, including to China, at the end of last year.
Uday Patel, an aluminium markets manager for Wood Mackenzie, told The National last year that the growth of global demand for the metal would decline slightly to 3.2 per cent this year, from 3.5 per cent last year. However, China is expected to remain a key driver, with demand growing 4.8 per cent this year.
“China is half the global market. Whatever happens there dominates or overpowers factors at the margins,” Mr Patel said.”
lgraves@thenational.ae
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The years Ramadan fell in May
'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
Mobile phone packages comparison
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1. Fasting
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3. Hajj
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5. Zakat
Terror attacks in Paris, November 13, 2015
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- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
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Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
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Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
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Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
Fanney Khan
Producer: T-Series, Anil Kapoor Productions, ROMP, Prerna Arora
Director: Atul Manjrekar
Cast: Anil Kapoor, Aishwarya Rai, Rajkummar Rao, Pihu Sand
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- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
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Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
