Page 39 - DUBAL HOLDING PR REPORT - FEBRUARY 2024

2/23/24, 11:37 AM Dubal Holding posts robust 2023 net profit of $490m
Dubal Holding posts robust 2023 net profit of $490m

DUBAI, 19 hours, 13 minutes ago
Dubal Holding (DH), the investment arm of the Dubai Government in the commodities and mining, power and energy,
and industrial sectors, posted a net profit of AED1.79 billion ($490 million) in 2023. DH had a remarkable year due to
its international acquisition, new expansion as well as effective operational performance.

The results were announced at DH's annual general meeting (AGM), held under the leadership of its chairman,
Saeed Mohammed Al Tayer.

Al Tayer said: “We are working diligently in line with the directives of our wise leadership. With its vision that shapes
the future, we made an early investment in the aluminium industry. This strategic direction contributed to enhancing
the competitiveness of the UAE and Dubai in the global aluminium markets.

Global investments
“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 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.”

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 utilise scrap generation from group companies to produce billets that meet
specific customer requirements for low carbon initiatives.

Positive outcome
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,
US.

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 was also pointed out. '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.

Sohar Titanium
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."--TradeArabia News Service

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