Member countries of the Gulf Cooperation Council (GCC) are making significant headway towards accounting for 15 per cent of global production of aluminum, according to a senior industry official.
Abdulaziz A Al Harbi, Ma’aden Aluminium’s president, said GCC aluminum producers focus on high productivity and efficiency while rationalising costs, noting that Ma’aden seeks to have a full production chain starting from extracting raw materials to producing final products.
He spoke about Saudi Arabia’s plans to diversify the economic base and expand investments in non-oil industries, such as the manufacturing industry.
Abdulla Jasim M bin Kalban, Chief Executive of Emirates Global Aluminium (EGA), said the UAE’s investments in aluminum are estimated to reach $5 billion between 2015 and 2020.
According to a report published by Al Yaum newspaper, Bin Kalban estimated his country’s investments in aluminum since 2006 reached a total of $20bn.
He added that the UAE will continue to expand investments to reach an output capacity of 2.7 million tonnes a year by 2020, noting that approximately 87.5 per cent of the country aluminum production is exported.