Page 22 - DUBAL HOLDING PR REPORT - FEBRUARY 2024

2/26/24, 11:06 AM DUBAL Holding logs AED 1.8bn net profit in 2023; eyes more expansion - Almasryalyoum - Mubasher
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).

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