Page 12 - DUBAL HOLDING PR REPORT - JULY 2024

Press Release

DUBAL Holding acquires equity stake in BioD Technology FZCO

Dubai, 09 July 2024: In a landmark move for sustainable development in the UAE, DUBAL
Holding and BiOD Technology FZCO jointly announced DUBAL Holding’s stake acquisition in
BiOD. This strategic partnership is set to propel the UAE’s position in the global green economy,
reinforcing both companies’ dedication to environmental sustainability and innovation in the
energy sector.

BiOD, the UAE's and the GCC’s largest biodiesel manufacturer, is renowned for its pioneering
work in transforming used cooking oils (UCO) and palm oil mill effluent (POME) into clean
biodiesel. As the operator of the GCC region’s only second-generation biodiesel plant, BiOD
stands at the forefront of technological innovation in renewable energy, showcasing its
commitment to the circular economy and reducing greenhouse gas emissions by 84 per cent, as
verified by its ISCC certification.

DUBAL Holding, a sovereign wealth fund with a focus on sustainable and green investments,
recognizes the strategic importance of BiOD’s mission and operations. This investment
underscores DUBAL Holding's commitment to fostering a sustainable future and supports Dubai’s
vision for a green economy. "This partnership with BiOD aligns perfectly with DUBAL Holding’s
strategic objectives of investing in environmentally responsible and innovative businesses. We are
confident that this collaboration will not only contribute to sustainable development in the UAE
but also set a precedent for environmental responsibility worldwide," said Ahmad bin Fahad, CEO
of DUBAL Holding.

Echoing this sentiment, BiOD’s CEO, Shiva Vig, expressed profound gratitude and optimism
about the future. "We are thrilled to welcome DUBAL Holding as a strategic partner. This is not
just an investment in our company but a testament to our shared vision for a sustainable future. We
are proud to contribute to the UAE’s green economy and look forward to making even greater
strides in renewable energy with DUBAL Holding’s support. I also want to acknowledge our
advisors at Ideal Capital for their crucial role in facilitating this deal," Vig stated.

The collaboration between DUBAL Holding and BiOD marks a significant milestone in the pursuit
of sustainability and innovation in the energy sector. It not only highlights the UAE’s leadership

Press release_DUBAL Holding acquires equity stake in BioD Technology FZCO - English
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