EMIRATES: GIC plans power lines project

Gulf Investment Corporation (GIC) has unveiled plans for a state-of-the-art power transmission lines facility in Dubai.

The unit will be launched as a joint venture with Jyoti Structures Limited (JSL) of India and Export-Import Bank of India. The manufacturing facility is located in Dubai Investments Park and construction is expected to be completed by the fourth quarter of this year.

'This investment is another indication of GIC's commitment to promoting viable and needed projects and its ability to harness the synergies created through the co-operation of Gulf investors and their international counterparts,' said CEO of Gulf Investment Corporation Hisham Al Razzuqi.

'This joint venture carries significant benefits to the GCC region by promoting industry and employment, therefore enhancing the process of diversification away from oil.'

Al Razzuqi also added that cooperating with a leading institution in the field of power transmission lines such as Jyoti Structures and a leading financial institution such as Exim Bank will raise the competitive advantage and market position of the project.

Export-Import Bank of India (Exim Bank) is a financial institution fully owned by the Government of India and supports the internationalisation of Indian corporates through financial facilities and business advisory services.

Exim Bank provides loans for overseas investment and also takes direct equity stake in overseas joint ventures promoted by Indian corporates.

Owned equally by the governments of the six GCC member states, GIC focuses on the development of private enterprise and economic growth in the Gulf region, as well as offering a vast array of investment products and services. TRADE ARABIA