A mining company is planning to open a mine in Dubai, a country with a history of poor infrastructure and poor water quality, to create jobs and boost its tourism revenue.
Dubai-based GEM Global Holdings said Monday that the new mine will be built on a site adjacent to the existing mine, which is also owned by the Abu Dhabi government.GEM said it plans to begin the construction of the new facility in 2021, with an estimated completion date of 2024.
Dublin-based Al Jazeera reported that GEM and a group of Dubai-based investors have secured $2.6 billion in financing for the project.
The project, which will include a liquefied natural gas export terminal, is the largest such investment in the UAE since the 1980s.
Al Jazeera’s Mohammad al-Omar reported that the UAE is the second largest source of foreign direct investment in Dubai.