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Dubai-based Al-Braik Investments on Sunday said it planned to set up a $200 million silicon smelter in Abu Dhabi, the first facility of its kind among Gulf Arab countries.
Privately owned Al-Braik has obtained approval from the Khalifa Industrial Zone in Abu Dhabi (Kizad) to produce high- grade silicon metal used in the aluminium industry, the company said in a statement.
Al-Braik, which invests in energy, real estate and hospitality industries, appointed US investment bank Jefferies LLC as financial advisor for the project.
The $200 million investment would build two furnaces with combined output capacity of 33,000 tonnes per annum; they would be fully operational in early 2016. Capacity would be doubled by 2019.
Abu Dhabi is investing billions of dollars in industry, tourism and infrastructure as it seeks to diversify its economy beyond oil.
Kizad, which became operational this year, has Emirates Aluminium as its anchor tenant with several other industries setting up shop in the first phase, which spans 51 square kilometres (20 square miles).