Dubai: Dubal Holding (DH), the wholly-owned subsidiary of the Investment Corporation of Dubai (ICD), recorded an impressive net profit of Dh2.4 billion and had Dh16.7 billion of net assets in 2014, the first full-year of its operations.
Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance, and Chairman of the Chairman of the Board of Dubal Holding, commended DH’s current and future strategy as well as its projects. He also praised the efforts made for the success of the company, as per the company’s statement.
“In line with the directives of our wise leadership to support Dubai as a leading global hub for trade, finance and infrastructure, we have witnessed the announcement of DH profits,” Saeed Mohammad Al Tayer, the company’s vice-chairman, said in a statement.
Abdul Nasser Bin Kalban, chief executive officer of DH, presented the main items to the DH board of directors at Monday’s meeting, which was chaired by Shaikh Hamdan.
“Besides [the] strategic alignment with Emirates Global Aluminium, DH will continue to promote energy infrastructure and industrial projects, which will contribute to the economic development and social progress of the Emirate of Dubai. DH will also seek to acquire equity interests in local and international projects related to coal, solar, gas and other alternative sources of energy to help in meeting local and global demand. This aligns with the core focus of DH to be at the forefront of Dubai’s investments in energy, mining, commodities and other industrial projects. It also aims to attract foreign-based high technology industrial entities to invest in similar projects in the UAE,” Bin Kalban stated.
Emirates Global Aluminium was formally established at the beginning of 2014 by combining the aluminium industry assets of ICD and Mubadala Development Company
DH will also seek to acquire equity interests in local and international projects related to coal, solar, gas and other alternative sources of energy to help in meeting local and global demand.
