Al-Braik names financial advisor for Kizad project
Abu Dhabi, March 24, 2013
Al-Braik Investments has appointed US investment bank, Jefferies LLC, as its financial advisor for the project to build the Middle East’s first silicon metal smelter facility at the Khalifa Industrial Zone Abu Dhabi (Kizad).
Al-Braik received approval to reserve a 3.4 million sq ft plot of land within Kizad. In May 2012, during a regional aluminium conference, the Company signed a long lease agreement in the presence of Kizad and Emal senior management.
The agreement also announced the intention to build a proposed smelter for approximately $200 million which will produce high grade silicon, commonly used in the aluminium industry as a strengthening alloying agent.
Present at the meeting held at Kizad’s head office in Taweela recently, Shukri Al-Braik, chairman of Al-Braik Investments said: “Once again, we are pleased to be able to make an announcement about the further developments and plans for our silicon metal smelter. Our agreement with Jefferies is a clear demonstration of the confidence invested in the success of this project, facilities and infrastructure available to us at Kizad.”
Khaled Salmeen, CEO and MD of Kizad said: “We are pleased to welcome representatives from Al-Braik Investments and Jefferies to Kizad today and to be able to showcase the advantages our industrial zone has to offer tenants and investors.”
“Today’s visit and agreement underlines the fact that Kizad is providing world-class infrastructure to our tenants and, in doing so, offers the necessary assurances to international investors,” he added. – TradeArabia News Service