Page 48 - DUBAL HOLDING PR REPORT - FEBRUARY 2024

2/23/24, 11:39 AM DUBAL Holding announces promising results of 2023 at Annual General Meeting - Middle East News 247
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 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
energize 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.”

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