Two key reasons behind record profits for DUBAL Holding
DUBAL Holding (DH), the investment arm of the Dubai Government in the commodities and mining, power and energy, and industrial sectors, has announced record-high financial results for 2021 during the company’s annual general meeting presided over by DH Chairman Saeed Mohammed Al Tayer.
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 aluminum, made 2021 an exceptional year for DH.
Saeed Mohammed Al Tayer
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 aluminum industry. Today, this sector witnesses 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 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 tons of solid municipal waste per year and provide electricity to around 100,000 households. The landmark project is on track for completion by mid-2024.
Abdulla Jassem Kalban
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
Ahmad bin Fahad, CEO of DUBAL Holding, added by saying: “2021 was an excellent year for the aluminum market, with demand forecasted to remain robust in coming years. However, while continuing to build on a national aluminum 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.