Dubai Holding records net profit of AED 1.79 billion

Dubai Holding LLC (DH), the investment arm of the Dubai Government in the commodities and mining, power and energy, and industrial sectors, recorded a net profit of AED 1.79 billion in 2023, representing another year of good performance for the group.

In addition to the acquisition of Thermalex located in Alabama, USA, DH is also exploring the possibility of other opportunities including large profiles and machined components for the Automotive, Industrial and New Energy verticals such as Hydrogen, as well as building a recycled aluminium/cast house facility from extrusions / profiles to utilize scrap generation from group companies to produce billets that meet specific customer requirements for low carbon initiatives.

DH’s portfolio of investments includes a 50% shareholding in Emirates Global Aluminium (EGA), UAE; a minority stake in Sinoway Carbon – a Calcined Petroleum Coke producing plant located in Shandong Province, China; and full ownership of both OSE Industries LLC (OSE), a Dubai-based aluminium extrusion company, and Thermalex, an aluminium extrusion tubes production plant located in Alabama, USA.

‘First Fire’ or the production of electricity by burning municipal solid waste (MSW) and reaching the design capacity of burning 5,555 tonnes of MSW in a single day were also major achievements of the year. The project construction is estimated to be fully completed by July 2024 which is within time and budget.

The acquisition of Thermalex in 2023 made it a particularly noteworthy year for us. Our expansion project at OSE further increased our capacity to meet the specific needs w.r.t precision extrusions for both new and existing EV Battery Cooling, Automotive HVAC and other industrial clients. The company also increased its ownership position in OSE in order to focus on both domestic and international acquisitions, and help the company achieve its larger goal of ranking among the top two players globally.