Dubai-based Al-Braik Investments has appointed US investment bank Jefferies as its international financial adviser for its silicon metal smelter project in the UAE.
Jefferies will assist Al-Braik in funding the $200m project, which will be located at the Khalifa Industrial Zone Abu Dhabi (Kizad) located between Abu Dhabi and Dubai cities.
The smelter – the first of its kind in the GCC – will produce high-grade silicon, which is used as an alloying agent to improve the strength of wrought aluminium alloys. Aluminium producers in the GCC currently import high-grade silicon from outside the region.
The initial plan for the project will include the construction of two furnaces having a joint output capacity of 33,000 tonnes a year (t/y).
Al-Braik is developing the project in partnership with Abu Dhabi Ports Company (ADPC) and Emirates Aluminium (Emal), which operates the nearby aluminium smelter.