DUBAL Holding posts $256 mln net profit for 2015 despite aluminium industry challenges

DUBAL Holding LLC, the wholly-owned subsidiary of Investment Corporation of Dubai that has been operational since 2014 to look after, among other things, a 50 per cent share in Emirates Global Aluminium, today held its annual general meeting at the Rulers Court. HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance and the Chairman of the DUBAL Holding, was present with shareholder representatives from ICD, the DH board, DH management, and its auditors.

HH Sheikh Hamdan bin Rashid Al Maktoum who presided over the meeting, was presented with an update on EGA which was formally established at the beginning of 2014 by combining the aluminium industry assets of ICD and Mubadala Development Company.

HH Sheikh Hamdan bin Rashid Al Maktoum stated that in 2015 DUBAL Holding recorded a net profit of AED 943 million and had AED 17.6 billion of net assets at the end of the year.

HH Sheikh Hamdan bin Rashid Al Maktoum said that DUBAL Holding will continue to promote energy infrastructure and industrial projects which will contribute to the economic development and social progress of the Emirate of Dubai and the UAE.

HE Saeed Mohammed Al Tayer -Vice Chairman of DUBAL Holding reported that these results were achieved despite the significant challenges faced last year by the aluminium industry due to global macro-economic uncertainty, slowdown in China, a strong US Dollar and low oil prices.

"This aligns with the core focus of DUBAL Holding which is to attract foreign based hi-tech industrial entities to set-up production facilities in the UAE which will promote the transition to a sustainable, green, low carbon economy" added Al Tayer.

The core message of today's meeting was presented by Abdulnasser Bin Kalban-Chief Executive Officer of DUBAL Holding. "Now is the time to build bridges with strategic partners and external allies to capture synergies in line with our investment strategy and corporate culture. We are focusing on working with our market intelligence analyst to identify our future investment strategy and alignment with our partners," said Bin Kalban.

Bin Kalban also confirmed that DH, along with strategic partners will set-up a new aluminium-rolling mill plant in the UAE.

Copyright and Exemption Declaration :¢ÙAll articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China Aluminium Network (www.alu.com.cn). When transshipment, any media, website or individual must list the source from "China Aluminium Network (www.alu.com.cn)". We seek legal actions against anyone that disobey this. ¢ÚArticles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey this. ¢ÛIf any articles copied by our website concern the copyright and other problems, please contact us within one week.