Gulf General Investment Company, a Dubai-based conglomerate whose net worth is about 3.7 billion dollars and M2K Business Services, a local company, are jointly planning to set up an aluminium extrusion plant at the outskirts of Addis Ababa.
The extrusion plant, which is planned to be constructed at Sululta in the Finfinne Special Zone, is estimated to cost 12 million dollars.
M2K Business Services has already acquired a 20,000-hectare land for the aluminium extrusion plant.
According to sources, the giant Dubai company, with about 40 subsidiaries under it, is also considering other investment plans in Ethiopia. Moges Abebe, managing director of M2K, said that the investment group was here to talk about constructing one hotel.
The deputy managing director of Gulf General Investment Company is scheduled to visit Ethiopia next week according to the Moges.
The joint venture agreement establishing the aluminium extrusion plant will be signed by Middle East LLC, one of the subsidiary companies of the investment group, Moges said.
The group has many other business deals with M2K have in the pipeline, but it has chosen the extrusion plant to commence first, Moges said.
Source: The Reporter
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