Dubai Holding posts $256m net profit for 2015
The company held its AGM under the chairmanship of HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, and the Chairman of Dubal
Dubal Holding (DH), a subsidiary of Investment Corporation of Dubai (ICD) recorded a net profit of $256m (AED943m) net profit for 2015.
Net assets for the company was recorded at $4.7bn (AED17.6bn) at the end of the financial year ending 31 December 2015.
The company held its annual general meeting (AGM) under the chairmanship of HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, and the chairman of Dubal Holding.
HH Sheikh Hamdan said that Dubal Holding will continue to promote energy infrastructure and industrial projects which will contribute to the economic development and social progress of Dubai and the UAE.
Saeed Mohammed Al Tayer, vice chairman of Dubal Holding, said that these results were achieved despite the significant challenges faced last year by the aluminium industry due to global macro-economic uncertainty, slowdown in China, a strong US Dollar and low oil prices.
"This aligns with the core focus of DUBAL Holding which is to attract foreign based hi-tech industrial entities to set-up production facilities in the UAE which will promote the transition to a sustainable, green, low carbon economy," added Al Tayer.
Abdulnasser Bin Kalban, CEO of Dubal Holding, said: "Now is the time to build bridges with strategic partners and external allies to capture synergies in line with our investment strategy and corporate culture. We are focusing on working with our market intelligence analyst to identify our future investment strategy and alignment with our partners."
Bin Kalban also confirmed that DH, along with strategic partners, will set-up a new aluminium-rolling mill plant in the UAE.