Hamdan bin Rashid praises Dubal Holding's performance despite challenging circumstances
DUBAI, (UrduPoint / Pakistan Point News / WAM – 25th Mar, 2020) H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, chaired the Annual General Meeting of DUBAL Holding LLC (DH), the investment arm for the Government of Dubai for power and energy, commodities, mining and industrial projects, at the Ruler’s Court.
Saeed Mohammed Al Tayer, Vice Chairman of DUBAL Holding, the DUBAL Holding board members, directors, representatives of the shareholder from Investment Corporation of Dubai (ICD), and auditors attended the meeting.
Sheikh Hamdan bin Rashid praised DUBAL Holding’s good operational performance during the year 2019 as well as its 50% subsidiary – Emirates Global Aluminium, EGA, despite huge challenging market conditions and the drop in aluminium price on the global stock exchange. In addition, as EGA produces high-quality aluminium, its strong fundamentals and the result of a series of ongoing cost optimization efforts currently underway to further improve its cost competitiveness in the market, should help it report more positive results for the years ahead.
Sheikh Hamdan was briefed on the performance of EGA’s Al Taweelah Alumina Refinery in Abu Dhabi that commenced production in April 2019 and recorded a total production of 1.1 million tonnes of alumina during the year while its Bauxite mining project at Republic of Guinea (Guinea Alumina Corporation) commenced production in August and mined a total of 1.7 million tonnes of bauxite during the year.
He was also briefed on the status of various ongoing projects at DH, including the implementation of the 625MW CCGT Power Block and 9 MIGD RO desalination project at EGA – Jebel Ali being undertaken along with Mubadala is progressing well. On the aluminium downstream front, efforts are progressing on expanding operational specialized aluminium extrusion in the UAE.
82 million tonnes of solid waste per year being undertaken along with other partners, is also on track.
Saeed Mohammed Al Tayer, Vice Chairman of DH said, “We strive to achieve the directives of our wise leadership to strengthen the UAE‘s position in the global economy. 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. With 2.60 million tonnes of cast metal sales during the year, EGA remains the third-largest producer of Primary aluminium in the world outside China.
Al Tayer added, “EGA enjoys a global position in selling value-added products or ‘premium aluminium’ with 87.40% of total sales to more than 400 customers from 50 countries. The company continues its endeavour to remain the world’s largest ‘premium aluminium’ producer by volume. DH has also signed a Framework Agreement with EDF of France for possible collaboration in energy projects with special focus on UAE; as well as looking at a number of projects to support UAE localization strategy and add value to the national economy.”
Abdulnasser Bin Kalban-CEO of DUBAL Holding highlighted a number of current projects and others which are under study in the field of energy, power and promoting Emiratisation in the industrial sector.
Bin Kalban said, “DH is actively pursuing the development of a UAE based integrated aluminium rolling facility (low CO2 produced aluminium), and a battery storage plant to support infrastructure and investment strategy for a potential future assembly line for an electrical vehicle facility to support the UAE Green Economy. Among the projects under study are an integrated scrap recycling facility and a facility for the production of cast aluminium wheels.”
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