Page 41 - DUBAL HOLDING PR REPORT - FEBRUARY 2024

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

https://gulfindustryonline.com/ArticleTA/419262