Home Business Dubal Holding profit soars to record AED2.7 bn

Dubal Holding profit soars to record AED2.7 bn

by Dubai Forum
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DUBAI, 9th March, 2022 (WAM) — Dubal Holding (DH), the investment arm of Dubai Government in the commodities and mining, power and energy, and industrial sectors, has announced a record net profit of AED2.7 billion ($735 million) for 2021, compared to AED217 million for the prior year.

This was revealed at the company’s annual general meeting presided over by DH Chairman Saeed Mohammed Al Tayer. The meeting was held at Dubai Electricity and Water Authority (DEWA) and was attended by the shareholder representatives from Investment Corporation of Dubai (ICD), with participation from DH Board and management, and its auditors.

A combination of good operational performance and record profits made by DH’s 50% subsidiary Emirates Global Aluminium (EGA) due to soaring global prices of aluminium, made 2021 an exceptional year for DH.

Al Tayer said: “We strive to achieve the directives of our wise leadership to strengthen the UAE and Dubai’s position in the global economy. Our wise leadership with its vision that shapes the future made an early investment in the aluminium industry. This sector witnesses today a strong demand and is powering new emerging industries, and assuming a bigger role in sustainable development. This strategic direction contributes to enhancing the competitiveness of the UAE in the global aluminum markets in the future.”

Al Tayer also praised DH for its diligence and operational performance throughout 2021.

Al Tayer was briefed on the status of various ongoing projects at DH, including the progress being made on the implementation of Dubai Waste Management Centre at Warsan – one of the world’s largest Waste-to-Energy plants – which will treat about 1.9 million tonnes of solid municipal waste per year and provide electricity to around 100,000 households. The landmark project, which is a joint venture with multiple partners, is on track for completion by mid-2024.

Abdulla Jassem Kalban, Vice Chairman of DH, said: “DH continues to play its vital twofold role by investing in high-yield, long-term projects that serve the national economy, on the one hand, and contribute to the UAE’s sustainability goals.”

Ahmad bin Fahad, CEO of Dubal Holding, added: “2021 was an excellent year for the aluminium market, with demand forecasted to remain robust in coming years. However, while continuing to build on a national aluminium downstream cluster, we are planning for strategic acquisitions for further expansion in the global market.” Bin Fahad also highlighted a number of projects in the planning stage, which include a plant for electronic waste management, and another facility to transform plant residues and food waste to emission-free biofuel.”

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