Page 35 - DUBAL HOLDING PR REPORT - FEBRUARY 2024
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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 off take 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 acquisitions,
and help the company achieve its larger goal of ranking among the top two
players globally.
https://mid-east.info/dubal-holding-announces-promising-results-of-2023-at-annual-general-
meeting/