Page 56 - DUBAL HOLDING PR REPORT - FEBRUARY 2024

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.
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 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.

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 per cent 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.

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

https://www.msn.com/en-ae/money/news/dubal-holding-records-dh179-billion-net-profit-for-
2023/ar-BB1iHtsn