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.
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Grand Slam Los Angeles results
Men:
56kg – Jorge Nakamura
62kg – Joao Gabriel de Sousa
69kg – Gianni Grippo
77kg – Caio Soares
85kg – Manuel Ribamar
94kg – Gustavo Batista
110kg – Erberth Santos
Women:
49kg – Mayssa Bastos
55kg – Nathalie Ribeiro
62kg – Gabrielle McComb
70kg – Thamara Silva
90kg – Gabrieli Pessanha
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Oppenheimer
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White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
UAE currency: the story behind the money in your pockets
UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
SPECS
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Company%20profile
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Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Match info
Who: India v Afghanistan
What: One-off Test match, Bengaluru
When: June 14 to 18
TV: OSN Sports Cricket HD, 8am starts
Online: OSN Play (subscribers only)
CHINESE GRAND PRIX STARTING GRID
1st row
Sebastian Vettel (Ferrari)
Kimi Raikkonen (Ferrari)
2nd row
Valtteri Bottas (Mercedes-GP)
Lewis Hamilton (Mercedes-GP)
3rd row
Max Verstappen (Red Bull Racing)
Daniel Ricciardo (Red Bull Racing)
4th row
Nico Hulkenberg (Renault)
Sergio Perez (Force India)
5th row
Carlos Sainz Jr (Renault)
Romain Grosjean (Haas)
6th row
Kevin Magnussen (Haas)
Esteban Ocon (Force India)
7th row
Fernando Alonso (McLaren)
Stoffel Vandoorne (McLaren)
8th row
Brendon Hartley (Toro Rosso)
Sergey Sirotkin (Williams)
9th row
Pierre Gasly (Toro Rosso)
Lance Stroll (Williams)
10th row
Charles Leclerc (Sauber)
arcus Ericsson (Sauber)
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
Itcan profile
Founders: Mansour Althani and Abdullah Althani
Based: Business Bay, with offices in Saudi Arabia, Egypt and India
Sector: Technology, digital marketing and e-commerce
Size: 70 employees
Revenue: On track to make Dh100 million in revenue this year since its 2015 launch
Funding: Self-funded to date
Rock in a Hard Place: Music and Mayhem in the Middle East
Orlando Crowcroft
Zed Books
MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
Brighton 1 (Dunk 79')
Red card: Alisson (Liverpool)
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
