DUBAI, (Pakistan Point News - 28th Mar, 2019) Dubal Holding, the investment arm for the Government of Dubai for power, commodities, mining and industry, held its fifth annual general meeting at the Ruler’s Court. H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance, and Chairman of Dubal Holding presided over the meeting.
His Highness was briefed on the performance of Emirates Global Aluminium, EGA, the aluminium conglomerate in which Dubal Holding has a 50 percent stake.
The report included the results from 2018, as well as the reported progress at EGA’s strategic upstream projects in the alumina refinery project in Taweelah, in Abu Dhabi and the bauxite mine and refinery in the Republic of Guinea in West Africa. These projects will significantly reduce the exposure to volatility in market prices of both alumina and bauxite.
Sheikh Hamdan bin Rashid was also briefed on investments in the energy sector, in which EGA’s shareholders – Mubadala and Dubal Holding – are progressing in the development on a new AED1 billion state-of-the-art power block at EGA’s Jebel Ali smelter in Dubai.
The project consists of a 600MW Combined Cycle Gas Turbine, CCGT, power block and associated 9 MIGD RO desalination plant. Key milestones, including the signing of the EPC for the power block and RO plant is in place and ground breaking will commence soon. The new power block is expected to improve the overall plant power efficiency at EGA – Jebel Ali from 47 percent to 55 percent.
His Highness was briefed on the Project Development Agreement between Dubai Municipality and the current joint venture partners, including DUBAL Holding, for the development of Dubai Municipality’s Waste-to-Energy project at Warsan, Dubai. The project is expected to treat at least 1.82 million tonnes of solid waste per year and to yield a generating capacity of some 185MW of electricity.
The project is expected to be completed in 2022 and aims to promote the green economy in Dubai and contribute effectively to it. The Concession Agreement with Dubai Municipality is also expected to be finalised soon.
His Highness was also briefed on energy projects and industrial projects inside and outside the United Arab Emirates.
Stakeholders were informed of the company's future projects under consideration, including projects related to energy optimisation; upstream raw material investments; and strategic local industrial projects which will add value to the UAE economy and increase reliance on local supplies.
