Chinese conglomerate East Hope Group Co. Ltd. signed a memorandum of understanding to explore a possible US$10 billion investment in the United Arab Emirates.

The potential investment at the Khalifa Industrial Zone Abu Dhabi includes the development of an alumina facility, a red mud research center and recycling project, and large-scale upstream and downstream non-ferrous metal processing facilities.

The three-phase development plan across a 7.6-square-kilometer site within the industrial zone would take 15 years.

East Hope — which produces aluminum and related products, as well as animal feed — has existing facilities in Vietnam, Indonesia, and Singapore.