Another Successful Year for Dubai Sovereign Fund
Dubal Holding (DH), the investment arm for the Government of Dubai in power, commodities, mining and industrial sectors, held its third annual general meeting at the Dubai Ruler’s Court.
DH recorded a net profit of AED1.04 billion during 2016, an increase of around 10 per cent over 2015 net profit, and had AED 18.6 billion of net assets at the year end, stated H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance and the Chairman of the Dubal Holding, during the meeting that he presided over.
Saeed Mohammed Al Tayer ,Vice Chairman, shareholder representatives from Investment Corporation of Dubai, ICD, the DH board, DH management, and its auditors were also present.
H.H. Sheikh Hamdan bin Rashid was presented with an update on the latest developments in the integration of mining, refining and smelting at Emirates Global Aluminium, EGA, the aluminium conglomerate equally owned by DH and MDC Industry Holding Company LLC, MDCI. The update covered the impressive financial results achieved in 2016, and the progress achieved by its alumina refinery investment at Al Taweelah, the development of the bauxite mining in the Republic of Guinea in West Africa, and other projects.
H.H. Sheikh Hamdan was also briefed on the current and under study projects in mining and commodities.
Saeed Mohammed Al Tayer, Vice Chairman of Dubal, said that these levels of profits support our wise leadership’s directives to establish Dubai as a leading global model for business, finance and trade. This was achieved predominantly due to the excellent results realised by EGA, its key subsidiary during 2016.
Al Tayer stressed on the importance of diversifying the economy through prudent investment in the selected business segments identified through market intelligence.
Al Tayer went on to add that DH has always played a key role in supporting and diversifying the national economy and contributing to a bright future in the UAE and the Emirate of Dubai through extremely prudent and highly disciplined investments in the identified business segments that would guarantee decent and satisfactory level of return on investment for its shareholder and business partners.
“This is in line with DH’s core focus, which is to be at the forefront of Dubai’s investments in energy, mining, refining, commodities and other industrial projects,” added Al Tayer.
The core message of today’s meeting was delivered by Abdulnasser bin Kalban, the CEO of DH.
Bin Kalban added that DH is currently evaluating investment opportunities in the commodities and mining field mainly in gold, copper, zinc, bauxite and potash in the USA, Canada, Australia and other established mining jurisdictions such as Chile.
Further, a few investment opportunities in the aluminium downstream are also being evaluated currently to boost domestic consumption of EGA aluminium that would result in value addition, creation of more jobs locally and support the promotion of aluminium cluster in the UAE.
Bin Kalban touched upon the satisfactory progress made on the Emiroll company Project, the aluminium rolling mill plant that will produce aluminium coils and which is under development at the Khalifa Industrial Zone, Kizad, in Abu Dhabi along with its partners, as reported during the last year AGM.