DUBAL Holding (DH) – which is the investment arm of Dubai Government in the commodities and mining, power, energy, and industrial sectors – has achieved record high financial results for FY2021 with net profit soaring to $735 million (AED 2.7 billion) compared to $59 million (AED 217 million) for the prior year.
The exceptional 1,145 percent year-on-year growth in net profit resulted from a combination of good operational performance, as well as record profits made by DUBAL Holding’s 50% subsidiary, Emirates Global Aluminium (EGA), due to soaring global prices of aluminium in 2021, the firm said in a statement.
The results were revealed during the company’s annual general meeting held at the Dubai Electricity and Water Authority (DEWA), which was presided over by the chairman of DUBAL Holding, Saeed Mohammed Al Tayer.
The meeting was attended by the shareholder representatives from Investment Corporation of Dubai (ICD), with participation from the DH Board and management, as well as its auditors.
DUBAL Holdings is overseeing a number of ongoing projects, including the implementation of the Dubai Waste Management Centre at Warsan – one of the world’s largest waste-to-energy (WtE) plants – which will treat approximately 1.9 million tonnes of solid municipal waste per year and provide electricity to more than 100,000 households.
The landmark project, which is a joint venture with multiple partners, is on track for completion by mid-2024.
Additionally, a number of projects are in the planning stage, including a plant for electronic waste management, and another facility to transform plant residues and food waste to emission-free bio-fuel.
Saeed Mohammed 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.
“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 of the future.”
Al Tayer also praised DH for its diligence and operational performance throughout 2021.
Commenting on the results, the vice chairman of DUBAL Holdings, Abdulla Jassem Kalban, said: “DUBAL Holdings 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.”
The CEO of DUBAL Holding, Ahmad bin Fahad, 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.”
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