The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
DUBAI / WAM
Dubal Holding (DH), the investment arm for the Government of Dubai in power, commodities, mining and industrial sectors, held its third annual general meeting at the Dubai Ruler’s Court.
DH recorded a net profit of AED1.04 billion during 2016, an increase of around 10 per cent over 2015 net profit, and had AED 18.6 billion of net assets at the year end, stated HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance and the Chairman of the Dubal Holding, during the meeting that he presided over. Saeed Mohammed Al Tayer , Vice Chairman, shareholder representatives from Investment Corporation of Dubai, ICD, the DH board, DH management, and its auditors were also present.
HH Sheikh Hamdan bin Rashid was presented with an update on the latest developments in the integration of mining, refining and smelting at Emirates Global Aluminium (EGA), the aluminium conglomerate equally owned by DH and MDC Industry Holding Company LLC, MDCI.
Saeed Mohammed Al Tayer, Vice Chairman of Dubal, said that these levels of profits
support our wise leadership’s directives to establish Dubai as a leading global model
for business, finance and trade. This was achieved predominantly due to the excellent results realised by EGA, its key subsidiary during 2016.