DUBAL Holding (DH), the investment arm of the Dubai Government in the commodities and mining, power and energy, and industrial sectors, announced that its Sohar Titanium Project in Oman, where it is one of the shareholders, is expected to commence operations by mid-2025.

"With the laying of the foundation stone for a titanium slag facility in the Sohar Free Zone in the Sultanate of Oman, the Sohar Titanium Project, a strategic project with DUBAL Holding as one of the shareholders, made good progress during the year. By mid-2025, it's anticipated that the facility will commence operations," the company said in a press statement announcing its 2022 results.

In November 2022, Oman Daily Observer reported that the 43-million-Omani-rial ($112 million) project, spread over 120,000 square metres, will produce 150,000 tonnes per year of titanium dioxide. It said the project is a strategic partnership between Minerals Development Oman with a 35 percent stake, with the remaining 65 percent held by DUBAL Holding and Stork International through Gulf Titanium.

Other investments highlighted in the statement included:

MoU signed with Nature Alu, Canada, to conduct a 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, semiconductors, lithium-ion batteries, etc.

Front-end engineering and design (FEED) contract for DH's large-scale plastic-to-liquid facility in Dubai. By repurposing low-quality polymers 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.

Completion of the expansion project at OSE Industries, DH's aluminium extrusion business in Dubai, to raise its capacity by 50 per cent to 12,000 tonnes per annum.

DUBAL Holding reported a net profit of 3.7 billion UAE dirhams in 2022, reflecting a 37 percent increase from the previous year's figure of AED2.7 billion.

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(Writing by Anoop Menon; Editing by Bhaskar Raj)

(anoop.menon@lseg.com)