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17 July 2024

DUBAL Holding announces 37% annual growth with net profit of AED 3.7 billion in 2022

By Emirates247

DUBAL Holding LLC (DH), the investment arm of the Dubai Government in the commodities and mining, power and energy, and industrial sectors, reported a net profit of AED 3.7 billion in 2022, reflecting a 37% increase from the previous year’s figure of AED 2.7 billion. This was disclosed at the annual general meeting of DUBAL Holding, which was presided over by its chairman, His Excellency Saeed Mohammed Al Tayer.

Members of the board and management of DH were present at the meeting, along with its auditors and shareholder representatives from Investment Corporation of Dubai (ICD). The company witnessed an exceptional year owing to a combination of optimal investments in multiple industrial sectors and efficient operational performance.

With the laying of the foundation stone for a titanium slag facility in the Sohar Free Zone in the Sultanate of Oman, the Sohar Titanium Project, a strategic project with DUBAL Holding as one of the shareholders, made good progress during the year. By mid-2025, it's anticipated that the facility will commence operations.

HE Saeed Mohammed Al Tayer, Chairman of DUBAL Holding, said: "We strive to achieve the vision and directives of our wise leadership to strengthen the UAE and Dubai’s position in the global economy.  Our strategic investments have helped in strengthening UAE’s position in global markets, which has been a result of the efforts of our wise leadership. Looking back on 2022's accomplishments, we are on track to make global investments in multiple industries to provide long-term financial returns and growth for our shareholders. DH’s investments are also motivated by the ambition to build a more sustainable future and have contributed to important programmes like the Dubai Industrial Strategy 2030 and the Dubai Clean Energy Strategy 2050.”

Moreover, Al Tayer was also informed about DUBAL Holding's other investments, including the status of the MoU signed with Nature Alu Inc., Canada, to conduct a thorough feasibility study to build the first-ever Super High Purity Aluminium (SHPA) facility of its kind in the country. This facility will produce high purity aluminium grades of 4N and above, with uses in specialised industries like capacitor foils, semi-conductors, lithium-ion batteries, etc.

Additionally, a sustainability driven contract was signed for DH's front-end engineering and design (FEED) of a large-scale plastic to liquid facility in Dubai. By repurposing low-quality polymers that are nearing their end of life to create value products, the factory is anticipated to make a substantial contribution to the circular economy and sustainability initiatives of the UAE Government.

Abdulla Jassem Kalban, Vice Chairman of DUBAL Holding, said: “By evaluating previous year’s efforts of investing in long-term, high-yield projects that support the national economy and contributing to the sustainability goals, we are honoured to profess that DUBAL Holding continues to fulfil its commitment towards its objective of strengthening UAE’s economy.”

Furthermore, an MoU was signed between DUBAL Holding and the Ministry of Industry and Advanced Technology to promote industrial collaboration and thereby promote industrial growth. In addition, the company partnered with Imdaad to invest in a variety of sustainability programmes and projects in Dubai.

DUBAL Holding owns a 19 per cent ownership in Sinoway Carbon Company Ltd, a factory that produces calcined petroleum coke in China's Shandong Province, and a 96 per cent share in OSE Industries LLC, an aluminium extrusion business with headquarters in Dubai, United Arab Emirates. After successfully completing the OSE expansion project in 2022, the company was able to raise its capacity by 50 per cent, to 12,000 tonnes annually.

Ahmad bin Fahad, CEO of DUBAL Holding, said: “The year 2022 was particularly noteworthy for DUBAL Holding as it expanded its portfolio of acquisitions. In order to meet the demands of both new and existing automotive, EV, HVAC, and other industrial clients, our expansion project at OSE increased capacity. To focus on domestic and foreign acquisitions and support OSE's larger goal of becoming a Top 3 Player globally, we expanded our stake in OSE.”

The AGM concluded with explaining the circumstances on strategic on-going projects. It was brought to light that, along with other consortium partners, DUBAL Holding is making major strides in building the largest waste-to-energy facility in the world at Warsan, Dubai.