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Emirates Aluminium considers bond sale

Emirates Aluminium (Emal), a joint venture between Abu Dhabi government-owned Mubadala Development Co. and Dubai Aluminium Co, is considering the sale of its first bonds as the government-backed metal producer seeks funding for a $4.5bn expansion after Middle East yields dropped to a record low, Bloomberg has reported. The company is seeking to complete financing for the smelter project by the end of the year, Emal chief executive Saeed Al-Mazrooei said last month. Mubadala said that the company is considering a range of financing options for Emal Phase II.