Abu Dhabi is set to get a new steel plant targeting the automotive industry.
Abu Dhabi Ports has signed an agreement with a unit of FourWinds Group of Companies to build a steel foundry to produce automotive parts at Khalifa Port’s Industrial Zone (Kizad), the port firm said.
The foundry, which will manufacture parts such as brake disks and callipers, will eventually have a capacity of 300,000 tonnes per year, making it one of the largest single-source foundries in the world producing car parts, a company statement said.
Germany’s automotive parts maker Continental Teves has agreed to buy the full output of the first production line.
Advanced Manufacturing Solutions (AMS), a unit of FourWinds, will build the foundry, which will be constructed over three phases. Phase I, which will cost Dh514 million, will have an installed capacity of 75,000 tonnes per annum and will produce grey iron for brake discs and ductile iron for brake callipers. Phase II is intended to boost capacity to up to 145,000 tonnes per annum and Phase III will reach 300,000 tonnes per annum. The statement did not say when the plant would be completed, or how much it would cost in total.
The production from the foundry will be for local and international markets. Exports from Khalifa Port will be used by major marques such as BMW, VW, and Mercedes-Benz and makers of car parts.
“The automotive sector in the UAE has been experiencing double-digit growth over the past few years, and having a locally-based auto parts and accessories foundry, supports this industry and its growth within the emirates and the region,” said Captain Mohamed Juma Al Shamisi, the chief executive of Abu Dhabi Ports. “In addition, the proximity to Khalifa Port will enable AMS to reach its international customer network quickly and cost-effectively.”
The steel foundry is one of several investments the firm plans to undertake in Abu Dhabi, the ports company said.
FourWinds, a unit of Tharwa Investments, focuses on investments and projects in infrastructure, industry, natural resources and real estate.
The agreement with AMS is one of a series of initiatives in Abu Dhabi to boost the contribution of the non-oil sector to the economy, create downstream industries and jobs.
According to the Abu Dhabi Economic Vision 2030, the non-oil sector is expected to contribute 64 per cent of GDP by 2030.
Non-oil activities contributed 45 per cent to the Emirate’s GDP in 2013, versus 43 per cent in 2013, according to the Economic Report of the Emirate of Abu Dhabi 2014.
Investment in steel manufacturing is on the rise in Abu Dhabi. The Senaat conglomerate plans to develop a Dh1.1 billion steel plant that will create 370 jobs in Kizad.
Senaat has entered into a joint venture with two Japanese steel makers, JFE Steel and Marubeni-Itochu Steel, to build steel pipes for industrial use.
The new company, Al Gharbia Pipe, will reduce the country’s reliance on steel pipe imports while exporting 40 per cent of its production, Senaat executives said this month.
Tharwa FourWinds also this month signed an initial agreement with the Egyptian Electricity Holding company to build a 6,000MW coal-fired plant in the North African country at a cost of US$11bn.
FourWinds Capital Management, the financial services and asset management arm of FourWinds Group, also launched a $1bn fund dedicated to infrastructure investments in Egypt.
The deals were signed at an investment conference in Sharm El Sheikh in Egypt this month.
dalsaadi@thenational.ae
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Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.
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Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
POSSIBLE ENGLAND EURO 2020 SQUAD
Goalkeepers: Jordan Pickford, Nick Pope, Dean Henderson.
Defenders: Trent Alexander-Arnold, Kieran Trippier, Joe Gomez, John Stones, Harry Maguire, Tyrone Mings, Ben Chilwell, Fabian Delph.
Midfielders: Declan Rice, Harry Winks, Jordan Henderson, Ross Barkley, Mason Mount, Alex Oxlade-Chamberlain.
Forwards: Harry Kane, Raheem Sterling, Marcus Rashford, Jadon Sancho, Tammy Abraham, Callum Hudson-Odoi.
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5pm: Maiden (PA) Dh80,000 1,600m
Winner: Omania, Saif Al Balushi (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Conditions (PA) Dh85,000 1,600m
Winner: Brehaan, Richard Mullen, Ana Mendez
6pm: Handicap (TB) Dh100,000 1,600m
Winner: Craving, Connor Beasley, Simon Crisford
6.30pm: The President’s Cup Prep (PA) Dh100,000 2,200m
Winner: Rmmas, Tadhg O’Shea, Jean de Roualle
7pm: Wathba Stallions Cup (PA) Dh70,000 1,200m
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7.30pm: Handicap (PA) Dh80,000 1,400m
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Ashes 2019 schedule
August 1-5: First Test, Edgbaston
August 14-18: Second Test, Lord's
August 22-26: Third Test, Headingley
September 4-8: Fourth Test, Old Trafford
September 12-16: Fifth Test, Oval
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Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
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THE POPE'S ITINERARY
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport