Page 9 - DUBAL HOLDING PR REPORT - FEBRUARY 2024

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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.