INSEAD Day 4 - 728x90

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Burjeel profit nearly doubles

Healthcare demand drives stronger earnings.

EGA to produce silicon metal

Silicon metal is used in making of high-strength alloys.
  • Roughly a quarter of EGA’s production is foundry alloys, which are used to make vehicle parts.
  • The UAE currently has no domestic silicon metal manufacturing capacity, and EGA is by far the largest importer of this material.

Emirates Global Aluminum has said it will develop a project to manufacture silicon metal in the UAE, securing supplies of a key raw material for ‘premium aluminum’.

Silicon metal is added to aluminum during the casting process, to create high-strength alloys required particularly in the automotive industry. Roughly a quarter of EGA’s production is foundry alloys, which are used to make vehicle parts.

The UAE currently has no domestic silicon metal manufacturing capacity, and EGA is by far the largest importer of this material with an annual demand of around 60 thousand tons. Some 70 per cent of the world’s silicon metal manufacturing capacity is located in China, with the electricity-intensive industry largely powered by coal.

Silicon metal is also an essential raw material for other industries, including silicones which are used in everything from adhesives to contact lenses, and high-purity silicon which is used to manufacture solar photovoltaics and semiconductors.

Abdulnasser Bin Kalban, Chief Executive Officer of EGA, said, “Developing a silicon metal manufacturing facility would secure our supply of a strategic raw material. Once we have met our own demand we could expand further, creating a new growth opportunity for our company while supporting the development of new local industries in line with the goals of Operation 300bn and Make it in the Emirates, and the global energy transition. We could begin construction of a silicon metal plant as soon as next year.”