Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, said yesterday that "It is premature to take a decision on whether the Organisation of Petroleum Exporting Countries, OPEC, should reduce its production ceiling at its meeting in November to consult and agree on the procedures." During his opening of the 29th edition of the Metal Bulletin International Conference, which was launched yesterday in Abu Dhabi and runs for two days, Al Mazrouei commended the wise vision of the U.A.E.'s leadership, led by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, which pursues its dreams with determination and persistence, and this is embodied in the growing role of the aluminium sector in the U.A.E..
He pointed out that since the establishment of the Federation of the United Arab Emirates, aluminium is considered as a metal of future and its industry.
Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, said in his opening address that :'As a reflection of the U.A.E.'s growing role in global aluminium, the country has hosted a number of the industry's major events, and we are proud to continue this tradition today. The U.A.E. is a nation with a visionary leadership that pursues its dreams with passion and determination. Nowhere is this more visible than in the growth of the aluminium sector in our country,' said in his opening address.
'From the early days of our union, aluminium was identified as not only the metal of the future, but the industry of the future. Today, aluminium stands as a flagship industry in our nation's development and ongoing diversification. The bold vision of the founding fathers of the nation set us on a path which has altered the landscape of both our nation and the global aluminium industry,' he added.
By the end of this year, he stated annual production capacity in the U.A.E.
will reach 2.4 million tonnes, making the country the fourth largest producer of primary aluminium in the world.
'Our confidence in the industry was epitomised by the US$10.2bn investment into EMAL barely seven years ago, which turned a bare patch of desert into one of the world's largest single-site aluminium smelters.' The U.A.E., he continued, has also pioneered world-leading technology. U.A.E.-developed OX and OX+ reduction technologies allow the U.A.E. smelters to use less energy while maintaining very high industry standards for quality of health, safety and the environment. This combination of experience, investment and technology is proving to be a winning one.
'Last year, the nation's aluminium industry took another major step forward when the two U.A.E.-based producers, DUBAL and EMAL, were merged into the nation's first truly Emirati company - Emirates Global aluminium (EGA).' While the name might be new, EGA is built upon strong foundations. Over forty years of combined experience underpins our reputation for high quality products and exemplary service standards.
'EGA is a result of Emiratis coming together to realise the vision of our leaders.
It reflects the long-term strategy of our nation to diversify our economy and provide a secure, prosperous future for our community, adding lasting and sustainable value.
And EGA is set to deliver this vision. By 2018, EGA's contribution to the U.A.E.'s GOP is forecast to be approximately US$6 billion,' he indicated.
The company already employs over 7,000 people, with an additional 2,000 jobs to be created by the end of this decade.
'And direct employment will not be the sole benefit of our investment. With the development of projects such as the KIZAD industrial complex, the downstream aluminium Cluster will also grow creating an estimated 25,000 jobs by 2020.
The minister said the growth of the aluminium industry in the region in recent years has actually extended across the GCC.
Five of the six countries in the GCC - the U.A.E., Bahrain, Saudi Arabia, Qatar and Oman - already have primary aluminium sectors, as well as downstream businesses. In 2013, GCC smelters accounted for 3.75% of the world's aluminium production. This is set to grow to 9% by 2020, he concluded.
Abdulla bin Kalban, CEO and Managing Director of Emirates Global Aluminium PJSC (EGA), said the U.A.E. will use the two-day industry event to showcase the growing value of the U.A.E.'s aluminium industry to the global market.
EGA will be playing a leading role at the event, which is widely regarded as the premier international forum for the global aluminium industry and is expected to attract more than 500 key industry decision-makers from around the world. As in prior years, the conference sessions will comprise presentations on research and other papers related to the aluminium industry.
The hosting of the event in the U.A.E. this year is fortuitous, given EGA 's growing emergence as a major player in the global aluminium industry. The company's total production capacity has increased to 2.4 million tonnes per year following the full ramp-up of EMAL Phase II mid-2014, placing the company among the top five aluminium producers in the world.
'EGA 's product range is the envy of the industry. It combines re-melt aluminium and standard commodity ingot and sow, as well as sheet ingot and billets of its EMAL operation, with the high purity sow and ingot, extrusion billet and foundry alloy from its DUBAL plant. EGA 's products are used worldwide in diverse industry sectors, like automotive and aerospace manufacturing, consumer electronics, food and beverage packaging and construction,' he added.
At the premier aluminium industry gathering, senior aluminium executives examine and discuss global industry challenge and strategy, change and challenge in the global primary aluminium business, and energy costs and considerations in primary smelting and the China factor. They will also address Addressing the longer-term structural and strategic issues await the aluminium value pools in next decade.
Market watchers and players share their views on where aluminium is headed and examine the macroeconomic picture of what implications for aluminium demand.