Steely resolve
Dubal Holding recorded a 57% increase in net profit in 2017 over 2016, while net assets increased by 2% by the end of the year, in line with UAE leadership’s directives to strengthen the country’s position in the global economy.
dubai — Dubal Holding has recorded a 57 per cent increase in net profit in 2017 over 2016, while net assets increased by 2 per cent by the end of the year.
“Achieving these profits support the directives of our wise leadership to strengthen the UAE’s position in the global economy,” said Saeed Mohammed Al Tayer, vicechairman of Dubal Holding.
Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance and Chairman of Dubal Holding, praised Dubal Holding’s overall performance at its 4th annual general meeting, noting that it achieved a good net profit in 2017.
He was also briefed on the performance of Emirates Global Aluminium, the aluminium conglom- erate in which Dubal Holding has 50 per cent stake; as well as the progress being made in the Alumina refinery project in Taweelah, the Bauxite mine and the refinery in Republic of Guinea in West Africa.
Sheikh Hamdan was also briefed on investments in the energy and electricity sector, where Emirates Global Aluminium is working with shareholders to implement a 600MW Combined Cycle Gas Turbine plant to increase the energy efficiency of its facility in Jebel Ali.
“We saw considerable improvements in 2017 for Emirates Global Aluminium Company. The average price of metric tonnes in 2017 increased by 16.7 per cent to $2,093 compared to $1,793 in 2016. The net revenue for 2017 rose by 59 per cent as a result of the London Metal Exchange’s increase in prices and higher production levels,” Al Tayer said.
Dubal Holding is considering joining a consortium to develop a Dubai based waste-to-energy facility for Dubai Municipality. The plant is expected to treat at least 1.82 million tonnes of waste annually and generate about 185MW of electricity. The project is expected to be completed by the fourth quarter of 2020 and aims to promote the green economy in Dubai.