The deal, which is the aluminium producer’s first major acquisition since its formation in 2014, is expected to close during the first half of 2024
The company expects its full-year sales volume to be in line with 2022 even as prices have declined over the last 12 months
A listing of the company this year would follow a boom for IPOs in the region that started in 2022 and fetched almost $23bn
The company’s revenue for the first half of the year stood at $5bn, compared to $2.9bn in H1 2021
The partnership will involve the development and implementation of new marine decarbonisation technologies suitable for EGA’s bulk cargo shipping routes
The two parties discussed potential future synergies, including the use of EGA metal by the Mohammed bin Rashid Space Centre
Ma’aden and EGA will additionally consider cooperation on the management of by-products from processes in the aluminium value chain, and aluminium recycling
Revenue totalled $6.9bn in 2021, compared to $5.1bn in 2020
Feasibility studies for the project are underway
The company had planned an IPO in 2018 or 2019 but it was pulled after then-US President Donald Trump imposed tariffs on aluminum imports from the UAE
Emirates Global Aluminium said earnings before interest, tax, depreciation and amortization were Dhs4.1bn in 2020
Using this aluminium from EGA will reduce BMW Group’s emissions by 222,000 tonnes of CO2 per year
This solar-powered aluminium will be supplied to global customers under the new product name of CelestiAL