ICD sets up Dubal Holding

Dubai’s sovereign wealth fund Investment Corporation of Dubai (ICD) has set up a new subsidiary – Dubal Holding – to manage its 50 per cent shareholding in Emirates Global Aluminium (EGA), said a press statement on Saturday.

ICD and Mubadala Development Company set up DGA by merging their subsidiaries Dubal and Emirates Aluminium (Emal).

EGA’s combined annual production currently accounts for 50 per cent of the total primary aluminium produced within the Gulf Cooperation Council region.

Sheikh Hamdan bin Rashid Al Maktoum, UAE’s Minister of Finance, will be the chairman of the Dubal Holding.

Other members are Saeed Mohammed Ahmed Al Tayer, Vice Chairman; Khalifa Hassan Abdulla Al Daboos, Member; Abdul Wahid Mohammad Al Fahim, Member and Hilal Khalfan Bin Dhaher Member.

Abdulnasser Bin Kalban has been appointed Chief Executive Officer of Dubal Holding by Sheikh Hamdan bin Rashid Al Maktoum.

The statement said that the aim of the new entity is to make it as the holding company to mange Dubai government’s industrial, energy and commodities investment assets.

The main objective of the new holding is to support the Dubai 2030 Integrated Energy Strategy as part of the Dubai Supreme Council of Energy and to be at the forefront of Dubai’s investments in commodities and other industrial projects.