Page 50 - DUBAL HOLDING PR REPORT - FEBRUARY 2024

2/23/24, 11:39 AM PRESSR: DUBAL Holding announces promising results of 2023 at Annual General Meeting — TradingView News
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

https://www.tradingview.com/news/reuters.com,2024-02-22:newsml_Zaw3d1lK5:0-pressr-dubal-holding-announces-promising-results-of-2023-at-annu… 2/3