Dubal Holding, the investment arm of the Dubai government in the commodities and mining, energy and industrial sectors, reported a 37 per cent jump in its 2022 net profit.
Net profit rose to Dh3.7 billion ($1 billion) last year from Dh2.7 billion in 2021, Dubal Holding said on Wednesday.
The company said it had an “exceptional” year due to strategic investments in various industries and efficient operations.
“Our strategic investments have helped in strengthening UAE’s position in global markets, which has been a result of the efforts of our wise leadership,” said Saeed Al Tayer, chairman of Dubal Holding.
“Looking back on 2022’s accomplishments, we are on track to make global investments in multiple industries to provide long-term financial returns and growth for our shareholders.”
Dubal Holding’s current portfolio of assets includes a 50 per cent stake in the Emirates Global Aluminium, a 60 per cent interest in OSE Industries, and minority positions in the Dubai Waste Management Centre Project and Sinoway Carbon — a calcined petroleum coke plant based in China.
Last year, Dubal Holdings signed an initial agreement with facilities management company Imdaad to invest in projects designed to support Dubai’s sustainability initiatives.
In August, the company also entered into a partnership with Norway’s recycling company Quantafuel and global chemical company BASF to develop a plastic recycling plant in Dubai.
In July, the UAE Ministry of Industry and Advanced Technology joined forces with Dubal Holding to boost industrial co-operation and explore potential opportunities in the Arab world’s second-largest economy.
“Dubal Holding’s investments are also motivated by the ambition to build a more sustainable future and have contributed to important programmes like the Dubai Industrial Strategy 2030 and the Dubai Clean Energy Strategy 2050,” said Mr Al Tayer.
The UAE is investing Dh600 billion ($163.5 billion) in clean and renewable energy projects over the next three decades as it aims to achieve net zero emissions by 2050.
It is building a solar plant in Al Dhafra region, Abu Dhabi, which will have a capacity of 2 gigawatts. It is also developing the Mohammed bin Rashid Solar Park in Dubai, which has a 5 gigawatt capacity.
“By evaluating previous years’ efforts of investing in long-term, high-yield projects that support the national economy and contributing to the sustainability goals, we are honoured to profess that Dubal Holding continues to fulfil its commitment towards its objective of strengthening UAE’s economy,” said Abdulla Kalban, vice chairman of Dubal Holding.