Qatar Strands, a company formed by a group of Gulf investors, is building a steel plant in Jebel Ali with an investment of Dh250 million ($68 million).
Italian firm GCR Eurodraw, which is supplying machinery worth more than Dh100 million to Qatar Strands is in the process of installing machines on a 13,000-sq-m factory site purchased recently. The plant has a capacity of producing 100,000 tonnes of steel wire per year. It will be the biggest facility of its kind in the Gulf.
UAE-based private equity firm Evolvence Capital facilitated the project transaction. The idea was in development for two years.
