Page 43 - DUBAL HOLDING PR REPORT - FEBRUARY 2024

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://www.gdnonline.com/Details/1304154/Dubal-Holding-posts-robust-2023-net-profit-of-
$490m--