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Dubal Holding is wholly-owned by Investment Corporation of Dubai, and specializes in industrial energy and manufacturing sectors. Image Credit: Virendra Saklani/Gulf News

Dubai: Dubai Government owned Dubal Holding has taken a 60 per cent stake in OSE Industries, a local aluminium extrusion company.

A family-run business, OSE commenced operations in 2015 at Dubai Industrial City, focusing on production of multiport extrusion tubes and precision tubes finding applications in automotive, HVAC and solar sectors.

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OSE's products are expected to see increased growth possibilities, from the "steadily evolving electrical vehicle manufacturers" and the gradual shift of focus to use aluminium-rolled tubes by the heating, ventilation and air-conditioning (HVAC) sector.

Dubal Holding, established in 2014, is the investment arm of Investment Corporation of Dubai. It invests in the industrial, energy and commodities sector. DH’s existing portfolio of assets include a 50 per cent stake in Emirates Global Aluminium (EGA), a minority stake in a Calcined Petroleum Coke facility in China, and 50 per cent in the under development 625MW CCGT power plant at EGA, Jebel Ali, (along with Mubadala).

Ahmad Bin Fahad, Acting CEO of Dubal Holding, and Othman Sharif, President and Chairman of OSE, sign off on the transaction. Image Credit: Gulf News Archive