DUBAL Holding posts strong financial results for 2023

AL Circle

In 2023, DUBAL Holding LLC (DH), the investment wing of the Dubai Government operating across commodities, mining, power and energy, and industrial sectors, achieved a net profit of AED 1.79 billion, showcasing a strong performance for the group yet again. The announcement came during DH's annual general meeting (AGM), presided over by its Chairman, His Excellency Saeed Mohammed Al Tayer.

DUBAL Holding posts strong financial results for 2023

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The board, management team, auditors, and shareholder representative from the Investment Corporation of Dubai (ICD) convened for the meeting. Dubal Holding experienced a noteworthy year, propelled by its international acquisition, expansions, and strong operational performance.

HE Saeed Mohammed Al Tayer, Chairman of DUBAL Holding, said, “We are working diligently in line with the directives of our wise leadership. With its vision shaping the future, we invested early in the aluminium industry. 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.”

HE Al Tayer and the board members received an update on the progress of several ongoing projects at DH, emphasising the advancement of aluminium downstream extrusion endeavours. Alongside the acquisition of Thermalex in Alabama, USA, DH is actively investigating additional prospects, such as ventures into large profiles and machined components for sectors like Automotive, Industrial, and New Energy, particularly focusing on Hydrogen.

Furthermore, there's an exploration into establishing a recycled aluminium/cast house facility geared towards extrusions/profiles aimed at utilising scrap generated from within the group companies. The objective is to manufacture billets that align with specific customer requirements, especially in support of low-carbon initiatives.

HE Al Tayer was briefed on the wide range of strategic investments made during the period, significantly contributing to the company's favourable results. Dubal Holding's investment portfolio comprises a 50 per cent stake in Emirates Global Aluminium (EGA) based in the UAE, a minority interest in Sinoway Carbon, a Calcined Petroleum Coke facility situated in Shandong Province, China, as well as complete ownership of OSE Industries LLC (OSE), an aluminium extrusion firm in Dubai, and Thermalex, a plant specialising in aluminium extrusion tubes located in Alabama, USA.

HE Al Tayer was informed about the significant advancements Dubal Holding and its consortium partners achieved in developing the world's largest waste-to-energy facility in Warsan, Dubai. Notable milestones included:

  • The commencement of 'First Fire.'
  • Signifying electricity generation through the combustion of municipal solid waste (MSW).
  • The attainment of the facility's design capacity to process 5,555 tonnes of MSW daily.

The construction project is projected to conclude by July 2024, meeting both the schedule and budgetary constraints.

Ahmad Hamad Bin Fahad, the 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."

"The acquisition of Thermalex in 2023 made it a particularly noteworthy year for us. Our expansion project at OSE further increased our capacity to meet the specific needs w.r.t precision extrusions for both new and existing EV Battery Cooling, Automotive HVAC and other industrial clients. We also increased our ownership position in OSE to focus on domestic and international acquisitions and help the company achieve its larger goal of ranking among the top two players globally."

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