In a move that will reduce UAE’s heavy reliance on copper imports and meet the growing demand for downstream copper products, DUBAL Holding has signed a Memorandum of Understanding (MoU) with Thailand’s Oriental Copper to manufacture high-quality copper products in the UAE.
DUBAL Holding is the investment arm of Dubai Government in the commodities, mining, power, energy, and industrial sectors.
The agreement is a significant step towards import substitution. The partnership aims to manufacture high-quality copper products, including ETP and oxygen-free copper bus bars, profiles, strips, sheets/tapes, alloys, and magnet wires through a production unit with 30,000 MT of copper processing per annum.
DUBAL Holding will assist with local resources and be a co-investor, while Oriental Copper will contribute its technical, operational, and market expertise. The joint venture is expected to provide employment opportunities for around 700 individuals locally.
The production unit will utilise modern techniques, including hot extrusion and conform processes. Both parties will invest a capital expenditure of about AED150 million ($40.85 million).
DUBAL Holding’s vital MoU with Oriental Copper
The MoU was signed by Ahmad Hamad bin Fahad, CEO of DUBAL Holding, and Tuang-Hong Thiptarangoon, President of Oriental Copper.
Bin Fahad commented: “We are pleased to sign this MoU with Oriental Copper, one of the leading manufacturers of high-conductivity copper bus bars and other copper fabricated products worldwide. This MoU is a vital step in meeting the region’s need for downstream copper products, which is primarily met by imports at the moment.
“We are confident this joint venture will increase local employment opportunities and boost the regional economy. This further aligns with our sustainability objectives, as Oriental Copper products foster green energy and lower carbon footprints in the UAE.”
Thiptarangoon added: “At Oriental Copper, we constantly strive to produce copper of the highest quality for use in the electronics and non-electrical industries as well as in the generation, transmission, and distribution of electrical power. We seek to bring more innovation to the market and increase efficiency, conserve energy, and lower costs, positively influencing the economy’s long-term growth.”
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