[ad_1]
Dubal Holding (DH), the Dubai government’s investment arm in commodities and mining, power and energy, and industrials, reported a net profit of AED3.7 billion ($1 billion) in 2022, up 37% from AED2. %. 7 billion in 2021.
This was disclosed at Dubal Holding’s annual general meeting chaired by Chairman Saeed Mohammed Al Tayer.
The meeting was attended by board members and management of DH as well as auditors and shareholder representatives from the Investment Corporation of Dubai (ICD). The company witnessed a remarkable year thanks to a combination of optimal investments in multiple industrial sectors and efficient operational performance.
With the foundation stone laying of the titanium slag facility in the Sohar Free Zone in Oman, the strategic project of the Sohar Titanium Mine Project, of which Dubal Holdings is one of the shareholders, has made good progress during the year. The facility is expected to be operational by mid-2025.
Saeed Mohammed Al Tayer, Chairman of Dubal Holding, said: “We strive to implement the vision and directives of our wise leadership to strengthen the UAE and Dubai’s position in the global economy. Our strategic investment helps strengthen the UAE’s position in the global market, This is the result of the hard work of our wise leadership. Looking back on our achievements in 2022, we are on track to make global investments across multiple industries, delivering long-term financial returns and growth to our shareholders.
“DH’s investment is also driven by its ambition to build a more sustainable future and contributes to important initiatives such as Dubai Industrial Strategy 2030 and Dubai Clean Energy Strategy 2050.”
Al Tayer was also briefed on other investments by Dubal Holding, including the status of a memorandum of understanding signed with Canada’s Nature Alu to conduct a thorough feasibility study to build the first-ever ultra-high purity aluminum (SHPA) of its kind in the country Facility. The facility will produce high-purity aluminum of 4N and above for use in specialized industries such as capacitor foils, semiconductors, and lithium-ion batteries.
In addition, a sustainability-driven contract was awarded for the Front-End Engineering and Design (FEED) of DH’s large plastics-to-liquids facility in Dubai. By repurposing low-quality polymers that are about to end-of-life to create valuable products, the plant is expected to make a significant contribution to the UAE government’s circular economy and sustainable development initiatives.
Abdulla Jassem Kalban, Vice-Chairman of Dubal Holding, said: “By appraising last year’s efforts to invest in long-term high-yielding projects that support the national economy and contribute to the Sustainable Development Goals, we are proud to announce that Dubal Holding continues to deliver on its goal of strengthening the UAE’s economy. promise.”
In addition, Dubal Holding has signed a Memorandum of Understanding with the Ministry of Industry and Advanced Technology to facilitate industrial cooperation, thereby promoting industrial growth. In addition, the company has partnered with Imdaad to invest in various sustainable development initiatives and projects in Dubai.
Dubal Holding owns 19 percent of Sinoway Carbon Company, a plant that produces calcined petroleum coke in China’s Shandong province, and 96 percent of OSE Industries, an aluminum extrusion business based in Dubai, United Arab Emirates. After the successful completion of the OSE expansion project in 2022, the company will be able to increase production capacity by 50% to 12,000 tons per annum.
Ahmad bin Fahad, CEO of Dubal Holding, said: “2022 will be particularly interesting as Dubal Holding expands its acquisition portfolio. To cater for new and existing vehicles, EVs, Our expansion projects at OSE have added capacity to meet the needs of HVAC and other industrial customers. We have expanded our stake in OSE to focus on domestic and foreign acquisitions and support OSE’s larger goal of becoming a top 3 global player.”
The AGM concludes with an explanation of the status of strategic ongoing projects. Dubal Holding, along with other consortium partners, has made significant progress in building the world’s largest waste-to-energy facility in Warsan, Dubai, it has been revealed. – trade arab news agency
[ad_2]
Source link