DUBAL Holding (DH), the investment arm of the Dubai Government in the commodities and mining, power and energy, and industrial sectors, recorded a net profit of Dhs1.79 billion in 2023, representing another year of good performance for the group. The results were announced at DUBAL Holding’s annual general meeting (AGM), held under the leadership of its chairman, Saeed Mohammed Al Tayer.

Members of the board and management of DUBAL Holding were present at the meeting, along with its auditors and shareholder representative from Investment Corporation of Dubai (ICD). DH had a remarkable year due to its international acquisition, new expansion as well as effective operational performance.

Saeed Mohammed Al Tayer, Chairman of DUBAL Holding, said, “We are working diligently in line with the directives of our wise leadership. With its vision that shapes the future, we made an early investment in the aluminium industry.

This strategic direction contributed to enhancing the competitiveness of the UAE and Dubai in the global aluminium markets. When reflecting on the successes of 2023, we are on track to make global investments in a range of industries to provide growth and long-term financial returns for our shareholder.

Our investments are also driven by a commitment to building a greener future and have supported ambitious and sustainable initiatives including the Dubai Industrial Strategy 2030 that aims to make Dubai a preferred manufacturing platform for global businesses, Dubai Economic Agenda (D33), Dubai Clean Energy Strategy 2050, and Dubai Net-Zero Carbon Emissions Strategy 2050.”

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.