Saeed Mohammed Al Tayer. Image Credit: Supplied

DUBAL Holding, the investment arm of the Dubai government in the commodities and mining, power and energy, and industrial sectors, reported a net profit of Dh3.7 billion in 2022, a 37 per cent increase from the previous year’s figure of Dh2.7 billion.

This was disclosed at the annual general meeting of DUBAL Holding, which was presided over by its chairman Saeed Mohammed Al Tayer.

“Our strategic investments have helped in strengthening UAE’s position in global markets. Looking back on 2022’s accomplishments, we are on track to make global investments in multiple industries to provide long-term financial returns and growth for our shareholders. DH’s investments are also motivated by the ambition to build a more sustainable future and have contributed to important programmes like the Dubai Industrial Strategy 2030 and the Dubai Clean Energy Strategy 2050,” Al Tayer said.

Al Tayer was also briefed about DUBAL Holding’s other investments, including the status of the MoU signed with Nature Alu Inc., Canada, to conduct a thorough feasibility study to build the first-ever Super High Purity Aluminium (SHPA) facility of its kind in the country. This facility will produce high purity aluminium grades of 4N and above, with uses in specialised industries like capacitor foils, semi-conductors, lithium-ion batteries, etc.

Additionally, a sustainability driven contract was signed for DH’s front-end engineering and design (FEED) of a large-scale plastic to liquid facility in Dubai. By repurposing low-quality polymers that are nearing their end of life to create value products, the factory is anticipated to make a substantial contribution to the circular economy and sustainability initiatives of the UAE government.

Abdulla Jassem Kalban, Vice Chairman of DUBAL Holding, said: “By evaluating previous year’s efforts of investing in long-term, high-yield projects that support the national economy and contributing to the sustainability goals, we are honoured to profess that DUBAL Holding continues to fulfil its commitment towards its objective of strengthening UAE’s economy.”