Emirates Int'l pours $490mn into cable plants

Emirates International Investment Company (EIIC) said on Saturday it plans to invest 1.8 billion dirhams ($490.1 million) to build new cable factories and boost production at an existing one.

Abu Dhabi-based EIIC plans to set up factories in Saudi Arabia, Romania and Vietnam to meet market demand amid a construction boom, it said in a statement.

The firm has already started construction of two factories in Abu Dhabi, which will produce 100,000 tonnes a year of aluminium rods and 25,000 tonnes a year of magnetic wires.

It also plans to boost production of copper cables in its Algeria factory to 60,000 tonnes to meet rising demand in North African markets. (Reuters)