Page 57 - DUBAL HOLDING PR REPORT - FEBRUARY 2024

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.”

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