Complex Made Simple

Emal eyes over $300m from Korean lender Kexim

Abu Dhabi-based Emirates Aluminium Co (Emal) is in talks with Export-Import Bank of Korea (Kexim) for a loan of as much as $300m to help finance its expansion, Bloomberg has reported, citing two people familiar with the matter. Emal, a joint venture between Mubadala Development and Dubai Aluminium, plans to spend $4.5bn to boost annual output to 1.3 million metric tonnes by 2014 from 800,000 tonnes. The lender supports projects in which Korean companies are involved and is considering a loan of $200m to $300m, the people said.