Dubal Holding to look at green business opportunities with EDF

The two companies will explore for opportunities in the UAE, Brazil and elsewhere following signing of a preliminary agreement

Dubal Holding has a number of regional and international investments, including Emirates Global Aluminium, the largest company outside oil and gas in the UAE. Source: EGA

Dubal Holding, a wholly owned subsidiary of the Investment Corporation of Dubai, signed a preliminary agreement with Electricite de France to explore collaboration in developing sustainable energy solutions and green business opportunities in the GCC and Brazil.

The companies will consider opportunities in areas of thermal power plants, technical support services, district cooling, the companies said in a statement on Wednesday.

"As an investment arm of the Dubai government in industrial, mining and power projects, our combined efforts will focus on further industrialisation of the Dubai and the UAE in line with our government’s vision," said Abdulnasser bin Kalban, chief executive of Emirates Global Aluminium, who signed the agreement on behalf of Dubal Holding.

Dubal Holding invests in the fields of commodities and mining, power and industrial projects on behalf of the government of Dubai. Its largest asset is its 50 per cent ownership of EGA, which produces up to 2.6 million tonnes of primary aluminium every year.

EGA is the largest industrial company outside the oil and gas sector in the UAE.

On Monday, the aluminium producer secured a $600 million (Dh2.2 billion) revolving credit facility with a syndicate of UAE and international lenders.