Page 19 - DUBAL HOLDING PR REPORT - FEBRUARY 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).

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