Page 26 - DUBAL HOLDING PR REPORT - FEBRUARY 2024

2/23/24, 11:35 AM DUBAL Holding announces promising results of 2023 at Annual General Meeting
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 shareholder. 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 members of the board were briefed on the status of various ongoing projects at DH,
including its focus on aluminium downstream extrusion projects. In addition to the acquisition of

Thermalex located in Alabama, USA, DH is also exploring the possibility of other opportunities including
large profiles and machined components for the Automotive, Industrial and New Energy verticals such
as Hydrogen, as well as building a recycled aluminium/cast house facility from extrusions / profiles to
utilize scrap generation from group companies to produce billets that meet specific customer

requirements for low carbon initiatives.

HE Al Tayer was also informed of the diverse and strategic investments made during the period, which
had a significant impact on the company's positive outcomes. DH’s portfolio of investments includes a
50% shareholding in Emirates Global Aluminium (EGA), UAE; a minority stake in Sinoway Carbon - a

Calcined Petroleum Coke producing plant located in Shandong Province, China; and full ownership of
both OSE Industries LLC (OSE), a Dubai-based aluminium extrusion company, and Thermalex, an
aluminium extrusion tubes production plant located in Alabama, USA.

Furthermore, HE Al Tayer was briefed on the efforts made by DH and its consortium partners to make
major progress toward the construction of the largest waste-to-energy facility in the world, located in

Warsan, Dubai. 'First Fire' or the production of electricity by burning municipal solid waste (MSW) and
reaching the design capacity of burning 5,555 tonnes of MSW in a single day were also major
achievements of the year. The project construction is estimated to be fully completed by July 2024 which
is within time and budget.

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 first furnace by the 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 in order to focus on both domestic and international

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