Record profits made Emirates Global Aluminium are a big factor in Dubal Holding's strong profits in 2021. Image Credit: Cropped

Dubai: Dubal Holding (DH), the investment arm of Dubai Government in the commodities and mining, power and energy, and industrial sectors, has announced record high net profit of Dh2.7 billion for 2021.

A combination of good operational performance and record profits made by DH’s 50 per cent subsidiary – Emirates Global Aluminium (EGA) due to soaring global prices of aluminium, made 2021 an exceptional year for DH.

“This [Aluminium] sector witnesses today a strong demand and is powering new emerging industries, and assuming a bigger role in sustainable development. This strategic direction contributes to enhancing the competitiveness of the UAE in the global aluminum markets in the future,” Saeed Mohammed Al Tayer, chairman of DH.

DH is currently implementing Dubai Waste Management Centre at Warsan – one of the world’s largest Waste-to-Energy plants – which will treat about 1.9 million tonnes of solid municipal waste per year and provide electricity to around 100,000 households. The landmark project, which is a joint venture with multiple partners, is on track for completion by mid-2024.

Abdulla Jassem Kalban, Vice Chairman of DH, said: “DH continues to play its vital twofold role by investing in high-yield, long-term projects that serve the national economy, on the one hand, and contribute to the UAE’s sustainability goals.”

“2021 was an excellent year for the aluminium market, with demand forecasted to remain robust in coming years. However, while continuing to build on a national aluminium downstream cluster, we are planning for strategic acquisitions for further expansion in the global market,” said Ahmad bin Fahad, CEO of Dubal Holding.