Complex Made Simple

UAE DUBAL Holding holds inaugural AGM

ICD-owned entity reports net profit of Dhs2.4bn and Dhs16.7bn of net assets by end of year.

DUBAL Holding LLC (DH) – the wholly-owned subsidiary of Investment Corporation of Dubai (ICD) that has been operational since 2014 to look after, among other things, ICD’s 50 per cent share in Emirates Global Aluminium (EGA) has held its inaugural annual general meeting.

HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance, and Chairman of the DH Board, said: that “In 2014, the first full year of its operations, DH recorded an impressive net profit of Dhs2.4bn and had Dhs16.7bn of net assets at the end of the year. His Highness commended DH’s current and future strategy and the projects of DH. He also praised the efforts made for the success of the company.”

“In line with the directives of our wise leadership to support Dubai as a leading global hub for trade, finance, and infrastructure, we have today witnessed the announcement of DH profits. DH has had a key role in supporting the National economy, and contributing to achieving a brighter future of the UAE in general and Dubai in particular. The year’s profits have exceeded shareholders’ expectations despite challenging global market dynamics,” said HE Saeed Mohammed Al Tayer, Vice Chairman of the Board of Directors.

Abdulnasser Bin Kalban, Chief Executive Officer of DH, presented the main items to the DH Board of Directors at today’s meeting, which was chaired by HH Sheikh Hamdan bin Rashid Al Maktoum.

“Besides 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,” said Bin Kalban.

“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,” added Bin Kalban.

Emirates Global Aluminium was formally established at the beginning of 2014 by combining the aluminium industry assets of ICD and Mubadala Development Company.