DUBAL Holding holds its annual general meeting

DUBAI, DUBAL Holding, the investment arm for the Government of Dubai for power, commodities, mining and industry, held its fourth annual general meeting.

H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and Chairman of DUBAL Holding presided over the meeting. Saeed Mohammed Al Tayer, Vice Chairman of DUBAL Holding, the DUBAL Holding board of directors, directors, representatives of the shareholders of Dubai State Investment Corporation, and auditors attended the meeting.

Sheikh Hamdan bin Rashid praised DUBAL Holding’s overall performance, noting that it achieved a good net profit in 2017, representing a 57 percent increase compared to 2016, while net assets increased by two percent by the end of the year.

His Highness was briefed on the performance of Emirates Global Aluminium, EGA, the aluminium conglomerate in which DUBAL Holding has 50 percent stake. The report included the impressive results achieved in 2017, as well as progress in the Alumina refinery project in Taweelah, the Bauxite mine and the refinery in Republic of Guinea in West Africa.

Sheikh Hamdan was also briefed on investments in the energy and electricity sector, where EGA is working with shareholders to implement a 600MW Combined Cycle Gas Turbine, CCGT, plant to increase the energy efficiency of its facility in Jebel Ali.

DUBAL Holding is considering joining a consortium to develop a Dubai based waste-to-energy facility for Dubai Municipality. The plant is expected to treat at least 1.82 million tonnes of waste annually and generate about 185MW of electricity. The project is expected to be completed by Q4 2020 and aims to promote the green economy in Dubai and contribute effectively to it.

His Highness was also briefed on energy projects and industrial projects inside and outside the UAE.

“Achieving these profits support the directives of our wise leadership to strengthen the UAE’s position in the global economy. We saw considerable improvements in 2017 for Emirates Global Aluminium Company. The average price of metric tonnes in 2017 increased by 16.7 percent to US$2,093 compared to US$1,793 in 2016. The net revenue for 2017 rose by 59 percent as a result of the London Metal Exchange’s increase in prices and higher production levels,” said Al Tayer.

“DUBAL Holding has a key role in supporting and diversifying the national economy and contributing to a brighter future in the UAE and the Emirate of Dubai. We are looking to cooperate with trusted and reputable organisations through memoranda of understanding to establish joint ventures to cater for aluminium downstream investments globally, with a focus on adding value to DUBAL Holding’s mid-stream business, to meet the Dubai Industrial Strategy 2030. The value of these joint ventures is expected to be in the range of US$1 billion,” he added.

“This trend is in line with DUBAL Holding’s core focus, which is to be at the forefront of Dubai’s investments in in power, commodities, mining and other industrial projects,” said Al Tayer.

“DUBAL Holding’s upstream investment, specifically its project in Para state in Brazil, looks very promising against the backdrop of recent developments in the Atlantic market. The Sinoway Calcined Coke production facility in China, where DUBAL Holding holds a 20 percent stake, is currently also looking for an IPO to support additional capacity expansions,” said Abdulnasser bin Kalban,CEO of DUBAL Holding.

DUBAL Holding recently signed a memorandum of understanding with China’s Sichuan Development Holding Company to establish a joint venture in the mining sector focusing mainly on copper and zinc. The value of this joint venture is expected to be more than US$2 billion. This strategic move supports the cooperation between the UAE and China and contributes to China’s innovative initiative, known as ‘One Belt, One Road.’

Source: Emirates News Agency