Page 18 - DUBAL HOLDING PR REPORT - FEBRUARY 2024

DUBAL Holding logs AED 1.8bn net profit in

2023; eyes more expansion

25 February 2024 04:59 PM

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.

https://english.mubasher.info/news/4251652/DUBAL-Holding-logs-AED-1-8bn-net-profit-in-2023-
eyes-more-expansion/