Page 29 - DUBAL HOLDING PR REPORT - FEBRUARY 2024

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 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.
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 per cent 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.
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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 energise 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
acquisitions, and help the company achieve its larger goal of ranking among the
top two players globally.”

https://www.khaleejtimes.com/business/dubal-holding-records-dh1-79-billion-net-profit-for-
2023