SolarWorld, Germanys third-biggest solar company by revenue, is planning to take a stake in an polysilicon plant in the UAE, its chief executive said.
"Depending on the size of the stake, the investment could be up to $500 million," Frank Asbeck said, adding that this could be financed through equity capital and external funding.
Asbeck -- who is in the UAE as part of a German delegation around Juergen Ruettgers, the premier of North Rhine-Westphalia -- said by telephone that the decision on the plants location and the size of the stake would be decided by the end of the year.
Falling margins and overcapacities have forced German solar companies -- such as SolarWorld and Q-Cells -- to expand into new markets, most notably China and the United States, where large subsidy programmes are being implemented.
SAMA net foreign assets reach SR2.737 trillion
The Kingdom’s M3 money supply growth edged up to 12.3 percent year-on-year in June from a five-month low of 12.1 percent in the previous month, Saudi Arabian Monetary Agency (SAMA) data showed.
Arabtec Q2 net profit up 11pc
Arabtec, the construction company at the centre of Dubai’s stock market turmoil, reported an 11 percent rise in second-quarter profit yesterday, missing analysts’ estimates.
However, due to the limited availability of stock, leasing de
Saudi water membrane facility project awarded
The Dow Chemical Company has awarded Fluor Corporation the engineering, procurement and construction (EPC) contract for its Reverse Osmosis (RO) manufacturing facility in Saudi Arabia.