Dubai Aluminium (Dubal) yesterday reported a 13 per cent year-on-year increase in net profit to Dh1.79 billion as technological innovations pushed down manufacturing costs.
“[Dubal remains] one of the most profitable corporations in the Emirate of Dubai,” said Sheikh Hamdan bin Rashid, Deputy Ruler of Dubai, UAE Minister of Finance and the chairman of Dubal.
Despite a 3 per cent fall in revenues to Dh9.5bn last year, significant cost reductions followed the adoption of “DX technology”, which allows for aluminium to be produced using smaller amounts of electricity.
The company produced just over 1 million tonnes of aluminium last year.
Safety also improved, as injuries fell by 39 per cent compared to three years previously, according to the company.
Emirates Aluminium (Emal), a joint venture between Dubal and Abu Dhabi’s Mubadala Development, brought new production facilities online in September and aims to have an annual production capacity of 1.3 million tonnes by the end of this year.
Last year Emal and Dubal announced plans to merge to form Emirates Global Aluminium. This new company, which will have an anticipated market value of US$15bn, according to the Financial Times, is expected to become the world’s fifth-largest producer by volume.
Khaldoon Khalifa Al Mubarak, Mubadala’s chief executive, described the mooted company as “a major industrial champion and engine of economic development for our people”, at the time of its announcement.
Aluminium Bahrain, one of the world’s largest producers, recorded a gross profit of 108.6 million Bahraini dinars (Dh1.05bn) this year, up 3.2 per cent against last year’s profits, as sales increased by 0.75 per cent.
This is on the back of a fallow period for aluminium, as the metal trades close to a four-year low on commodities markets.
The three-month forward price for aluminium on the London Metal Exchange hit a low of $1,677 per tonne this month – its lowest price since July 2009. It was trading at $1,745.5 in early noon trading yesterday on the LME.
abouyamourn@thenational.ae
COMPANY%20PROFILE
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BUNDESLIGA FIXTURES
Friday Stuttgart v Cologne (Kick-off 10.30pm UAE)
Saturday RB Leipzig v Hertha Berlin (5.30pm)
Mainz v Borussia Monchengladbach (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Union Berlin v SC Freiburg (5.30pm)
Borussia Dortmund v Schalke (5.30pm)
Sunday Wolfsburg v Arminia (6.30pm)
Werder Bremen v Hoffenheim (9pm)
Bayer Leverkusen v Augsburg (11.30pm)
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Crawley Town 3 (Tsaroulla 50', Nadesan 53', Tunnicliffe 70')
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Find the right policy for you
Don’t wait until the week you fly to sign up for insurance – get it when you book your trip. Insurance covers you for cancellation and anything else that can go wrong before you leave.
Some insurers, such as World Nomads, allow you to book once you are travelling – but, as Mr Mohammed found out, pre-existing medical conditions are not covered.
Check your credit card before booking insurance to see if you have any travel insurance as a benefit – most UAE banks, such as Emirates NBD, First Abu Dhabi Bank and Abu Dhabi Islamic Bank, have cards that throw in insurance as part of their package. But read the fine print – they may only cover emergencies while you’re travelling, not cancellation before a trip.
Pre-existing medical conditions such as a heart condition, diabetes, epilepsy and even asthma may not be included as standard. Again, check the terms, exclusions and limitations of any insurance carefully.
If you want trip cancellation or curtailment, baggage loss or delay covered, you may need a higher-grade plan, says Ambareen Musa of Souqalmal.com. Decide how much coverage you need for emergency medical expenses or personal liability. Premium insurance packages give up to $1 million (Dh3.7m) in each category, Ms Musa adds.
Don’t wait for days to call your insurer if you need to make a claim. You may be required to notify them within 72 hours. Gather together all receipts, emails and reports to prove that you paid for something, that you didn’t use it and that you did not get reimbursed.
Finally, consider optional extras you may need, says Sarah Pickford of Travel Counsellors, such as a winter sports holiday. Also ensure all individuals can travel independently on that cover, she adds. And remember: “Cheap isn’t necessarily best.”
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Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.