TAIPEI (Taiwan News) — Taiwan Semiconductor Manufacturing Co. (TSMC) denied rumors on Monday (Sept. 23) that it plans to build new chip factories in the United Arab Emirates (UAE).

On Sunday (Sept. 22), The Wall Street Journal (WSJ) reported that TSMC was in talks with the UAE regarding investment projects worth US$100 billion. Citing anonymous sources, the report stated that TSMC’s senior executives had visited the Arab nation to discuss the possibility of building a chip factory comparable in scale to its advanced facilities in Taiwan.

Responding to the report, TSMC said it has no new concrete overseas expansion plans, per CNA. The company stated: “We are always open to constructive discussions on ways to promote the development of the semiconductor industry, but we remain focused on our current global expansion projects and have no new investment plans to disclose at this time.”

TSMC’s current projects include building fabs in Arizona, US; Kumamoto, Japan; and Dresden, Germany. Speculation about additional projects allegedly arose after the company sent personnel to the UAE.

The Wall Street Journal also reported that Samsung Electronics, based in South Korea, was considering major chip-making investments in the UAE. The company has declined to comment on the report as of publication.

According to WSJ, the UAE would fund the projects with TSMC and Samsung, with a central role played by state-owned global investment and asset management company Mubadala. The goal would be to increase global chip production and decrease prices.