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Dubai: DUBAL Holding LLC (DH), the investment arm for the Government of Dubai for power, commodities, mining and industry, held its fifth annual general meeting at the Ruler’s Court. His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance and Chairman of DUBAL Holding presided over the meeting. HE Saeed Mohammed Al Tayer, Vice Chairman of DUBAL Holding, the DUBAL Holding board of directors, directors, representatives of the shareholders of Dubai State Investment Corporation, and auditors attended the meeting.
His Highness was briefed on the performance of Emirates Global Aluminium (EGA), the aluminium conglomerate in which DUBAL Holding has 50% stake.
The report included the results achieved in 2018, as well as EGA’s strategic upstream projects progress in the Alumina refinery project in Taweelah, in Abu Dhabi and the Bauxite mine and the refinery in Republic of Guinea in West Africa. These projects will significantly reduce its exposure to volatility in market prices of both Alumina and Bauxite
HH Sheikh Hamdan bin Rashid Al Maktoum was also briefed on investments in the energy sector, where EGA’s shareholders – Mubadala and DUBAL Holding are progressing the development on a new AED 1 billion state-of-the-art power block at EGA’s Jebel Ali smelter in Dubai.
The project consists of a 600MW Combined Cycle Gas Turbine (CCGT) power block and associated 9 MIGD RO desalination plant. Key milestones, including the signing of the EPC for the power block and RO plant is in place and ground-breaking will commence shortly. The new power block is expected to improve the overall power plant power efficiency at EGA – Jebel Ali from 47% to 55%.
His Highness was briefed on the Project Development Agreement between Dubai Municipality and the current joint venture partners, including DUBAL Holding, for the development of Dubai Municipality’s Waste-to-Energy project at Warsan, Dubai. The project envisages treating at least 1.82 million tonnes of solid waste per year and is expected to yield a generating capacity of around 185MW of electricity. The project is expected to be completed in 2022 and aims to promote the green economy in Dubai and contribute effectively to it. The Concession Agreement with Dubai Municipality is also expected to be finalized soon.
His Highness was also briefed on energy projects and industrial projects inside and outside the United Arab Emirates.
On the upstream project development side, the Sinoway Calcined Petroleum Coke production facility in China, where DUBAL Holding, holds a 20% stake, is currently embarking on its phase-3 expansion and envisages an IPO to support its capacity expansions.
His Highness affirmed that DUBAL Holding will continue its efforts to strengthen the infrastructure sector in the field of energy and industrial projects that will contribute to the advancement of economic development and the remarkable progress in the UAE and Dubai.
“DUBAL Holding strive to support the directives of our wise leadership to strengthen the UAE's position in the global economy. This trend is in line with DUBAL Holding's core focus, which is to be at the forefront of Dubai's investments in power, commodities, mining and other industrial projects to support and diversify the national economy and to cater for aluminium downstream investments globally, to meet the Dubai Industrial Strategy 2030,” said HE Saeed Mohammed Al Tayer.
"DUBAL Holding is keen to take advantage of the best international experiences and expertise to strengthen the energy, mining, refining, commodities and industrial projects sector in the UAE, which will positively impact sustainable development and the green economy,” added Al Tayer.
“DH’s strategy to develop an aluminium downstream cluster in the UAE is progressing well and DH has already completed a market study with the assistance of EY to identify key markets and customer segments. The MENA demand for aluminium downstream products is expected to reach 1,270 kt by 2025 and investment in this sector looks promising. A business case to develop a 135 kt aluminium rolling mill in the UAE is currently also being explored,” said Abdulnasser Bin Kalban, CEO of DUBAL Holding.
Finally, stakeholders were also informed of DH’s future projects under consideration, including projects related to energy optimization; upstream raw materials investments; and strategic local industrial projects which will add value to the UAE economy and increase reliance on local supply.
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