DUBAL Holding holds AGM
DUBAL Holding LLC ("DH")-- the wholly-owned subsidiary of Investment Corporation of Dubai ("ICD") that has actually been functional since 2014 to look after, among other things, a 50 percent share in Emirates Global Aluminium ("EGA")-- today held its yearly general conference 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 agents 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 officially developed at the start 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 earnings of AED 943 million and had actually AED 17.6 billion of net assets at the end of the year.
HH Sheikh Hamdan bin Rashid Al Maktoum stated that DUBAL Holding will remain to promote energy infrastructure and industrial projects which will add to the economic advancement and social development of the Emirate of Dubai and the UAE
HE Saeed Mohammed Al Tayer -Vice Chairman of DUBAL Holding reported that these results were accomplished regardless of the significant difficulties faced in 2014 by the aluminium market due to global macro-economic unpredictability, slowdown in China, a strong US Dollar and low oil costs.
"This lines up 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 conference presented by Abdulnasser Bin Kalban-Chief Executive Officer of DUBAL Holding. "Now is the time to construct bridges with strategic partners and external allies to catch synergies in line with our investment strategy and corporate culture. We are concentrating on dealing with our market intelligence analyst to recognize our future investment strategy and alignment with our partners," stated Bin Kalban.
Bin Kalban also confirmed that DH, together with tactical partners will set-up a brand-new aluminium-rolling mill plant in the UAE.
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