Page 42 - DUBAL HOLDING PR REPORT - FEBRUARY 2024

Dubal Holding posts robust 2023 net

profit of $490m

UAE Business
Thu, 22 Feb 2024

The Dubal Holding AGM

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

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