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DUBAI / WAM
Dubal Holding (DH), a wholly owned subsidiary of Investment Corporation of Dubai (ICD), announced the acquisition of 60 percent stake in OSE Industries, a specialised aluminium extrusion company in the UAE.
The acquisition was signed on November 30 between Ahmad Bin Fahad, Acting CEO of DH and Othman Sharif, the President and Chairman of OSE.
Bin Fahad said the acquisition of OSE is aligned to DH’s strategy to invest in the identified growth sectors to progressively expand its industrial footprint in the region and create value addition in the downstream value chain.
“We are happy to be partnering with DH and confident that the association with DH will help OSE to expand its business rapidly in the UAE as well as overseas,†said Sharif.
He said that the long-term prospect of OSE looks bright as its specialised products would see an expanding growth in demand from the evolving Electrical Vehicle Manufacturers in the next few years.