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South Korea’s Hyundai International has signed an MoU with UAE’s Atlantis Global Enterprises to source precious metals, scrap metal and iron ore
Based on the MoU, Hyundai International would source recyclable steel scrap, iron ore and precious metals from Atlantis Global Enterprises for its various companies engaged in shipping, railway, energy and petrochemicals.
Jeom Ho Kim, CEO of Hyundai International, said, “We are focused on constantly creating new growth engines and in this endeavour, I am delighted to partner with a credible company like Atlantis Global to expand our footprint in the MEA region and for various supply requirements of our group companies. I am confident that Hyundai’s global expertise coupled with Atlantis Global’s strong sourcing capabilities in MEA will result in a successful partnership.”
Atlantis Global Enterprises would also be marketing Hyundai International’s earth-moving equipment, capital goods and construction machinery in the MENA region.
Officials from Hyundai International also revealed that the two companies were seeking joint trade opportunities in the fast-growing GCC steel industry, estimated to grow up to 70mn tonnes in volume by 2020.
According to Dilip Kulkarni, CEO of Atlantis Global Enterprises, the new partnership between the two companies would pave the way for a new revenue system aside from the existing institutional trade across sectors such as IT, agro and metal.