Abu Dhabi's Talex Signs $200M Lease To Make Car Parts

Law360, New York (December 14, 2011, 2:11 PM EST) -- Taweelah Extrusion Co., known as Talex, has paid 735 million United Arab Emirates dirhams ($200 million) to lease land in a new industrial zone, with plans to produce aluminum-based products for the automotive industry, the industrial zone's manager said Wednesday.

Abu Dhabi, United Arab Emirates-based Talex signed a long-term ground development lease with Khalifa Industrial Zone Abu Dhabi, or Kizad, according to a statement. Talex, which was created earlier this year, is a joint venture between state-owned Abu Dhabi Basic Industries Corp. and privately owned Gulf Extrusions Co. LLC.

The investment is part of efforts by...
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