Page 45 - DUBAL HOLDING PR REPORT - FEBRUARY 2024

2/23/24, 11:39 AM DUBAL Holding Announces Promising Results Of 2023 At Annual General Meeting | MENAFN.COM
HE Saeed Mohammed Al Tayer, Chairman of DUBAL Holding, 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. 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.”

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

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