UAE – Mubasher: DUBAL Holding (DH), the investment arm of the Dubai Government in the commodities and mining, power and energy, and industrial sectors, posted a net profit of AED 1.79 billion in 2023.
The company attributed the profit achieved last year to international acquisition, new expansion, and positive operational performance, according to a press release.
Plans for more expansion
In addition to the acquisition of Thermalex in the US' Alabama, DH is exploring further opportunities, including large profiles and machined components for the automotive, industrial, and new energy sectors such as hydrogen.
The company is also considering establishing a recycled aluminium/cast house facility from extrusions/profiles to utilize scrap generated from group companies, producing billets meeting specific customer requirements for low-carbon initiatives.
DH, along with its consortium partners, is making efforts to construct a large waste-to-energy facility in Warsan, Dubai.
Named First Fire, the project started producing electricity by burning municipal solid waste (MSW) and achieved the design capacity of burning 5,555 tonnes of MSW in a single day. The project's construction is expected to be fully completed by July 2024.
Mohammed Al Tayer, Chairman of DUBAL Holding, said, “This strategic direction contributed to enhancing the competitiveness of the UAE and Dubai in the global aluminium markets. When reflecting on the successes of 2023, we are on track to make global investments in a range of industries to provide growth and long-term financial returns for our shareholders.”
“Our investments are also driven by a commitment to building a greener future and have supported ambitious and sustainable initiatives including the Dubai Industrial Strategy 2030 that aims to make Dubai a preferred manufacturing platform for global businesses, Dubai Economic Agenda (D33), Dubai Clean Energy Strategy 2050, and Dubai Net-Zero Carbon Emissions Strategy 2050,” Al Tayer added.
Ahmad Hamad Bin Fahad, CEO of DUBAL Holding, commented, “Sohar Titanium, a strategic project in which DH is a shareholder, made good progress in the year by awarding contracts for civil, structural steel, and high voltage substations, as well as by signing an offtake agreement for the sale of titanium slag and a feedstock supply agreement to obtain the necessary raw material, ilmenite ore."
“The project is expected to energize the first furnace by March 2025, marking a significant milestone in the company’s growth path,” Bin Fahad revealed.
It is worth noting that DH’s investment portfolio includes a 50% shareholding in Emirates Global Aluminium (EGA), UAE; a minority stake in Sinoway Carbon—a Calcined petroleum-producing plant in Shandong Province, China; and full ownership of OSE Industries LLC (OSE), a Dubai-based aluminium extrusion company, and Thermalex, an aluminium extrusion tubes production plant in Alabama.
In 2022, Abu Dhabi National Energy Company (TAQA) and Dubal Holding announced intentions to acquire a 50% stake each in the electricity generation assets of Emirates Global Aluminium (EGA).
