Emirates Global Aluminium to account for half of GCC output

Emirates Global Aluminium has been officially incorporated, creating an entity accounting for 50 per cent of total GCC aluminium output.

Mubadala Development and the Investment Corporation of Dubai announced yesterday the completion of the deal to merge their two aluminium assets into one jointly-owned entity . Plans were revealed in June to combine Emirates Aluminium (Emal) and Dubai Aluminium (Dubal) under a deal in which Mubadala purchased half of Dubal.

The move raises Abu Dhabi's footprint in the aluminium sector. While Emal was a 50/50 joint venture between Mubadala, a strategic investment company owned by the Abu Dhabi Government, and Dubal, the latter was wholly owned by ICD, the Dubai Government investment funf. The company will be managed by a board of directors chaired by Khaldoon Khalifa Al Mubarak, the chief executive and managing director of Mubadala. The vice chairman will be Saeed Mohammed Ahmed Al Tayer, who served as vice chairman of Dubal and is the current managing director and chief executive of Dubai Electricity and Water Authority.

“We will continue to build on a successful track record, with global expansion of our operations and further development of the aluminium cluster in the UAE, supporting an estimated 33,000 jobs by the end of the decade,” said Abdulla Kalban, the chief executive and managing director of EGA.

Already the largest aluminium producer in the GCC, the new entity will become a global top-tier producer when expansion at the company’s smelter in Khalifa Industrial Zone Abu Dhabi (Kizad) is completed in the middle of the year. EGA’s primary aluminium output will then be 2.4 million tonnes per annum.

The company said it would continue to focus on expanding across all parts of the aluminium value chain, including smelting, alumina refining and bauxite mining. It also remains committed to expanding the aluminium cluster it is building in Kizad, it said.

EGA will assume control of a $5bn investment in Guinea to develop a bauxite mine, alumina refinery and port. The deal, signed by Mubadala and Dubal in November, is intended to strengthen the UAE’s access to upstream resources needed to make aluminium.

Other members of EGA’s board include a mixture of Abu Dhabi and Dubai business chiefs. They include Sultan Al Jaber, UAE Minister of State and chief executive of Mubadala’s energy portfolio; Abdul Wahed Mohammad Al Fahim, a board member of Dubal; Khalid Al Bakhit, chairman of ICD Brookfield, a property fund jointly owned by Investment Corporation of Dubai and Brookfield Asset Management; Ahmed Al Idrissi, chief executive of technology and industry at Mubadala; and Khaled Al Qubaisi, chief human capital officer at Mubadala.

tarnold@thenational.ae

Teaching your child to save

Pre-school (three - five years)

You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.

Early childhood (six - eight years)

Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.

Middle childhood (nine - 11 years)

Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.

Young teens (12 - 14 years)

Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.

Teenage (15 - 18 years)

Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.

Young adulthood (19 - 22 years)

Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.

* JP Morgan Private Bank

Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

The biog

Family: Parents and four sisters

Education: Bachelor’s degree in business management and marketing at American University of Sharjah

A self-confessed foodie, she enjoys trying out new cuisines, her current favourite is the poke superfood bowls

Likes reading: autobiographies and fiction

Favourite holiday destination: Italy

Posts information about challenges, events, runs in other emirates on the group's Instagram account @Anagowrunning

Has created a database of Emirati and GCC sportspeople on Instagram @abeermk, highlight: Athletes

Apart from training, also talks to women about nutrition, healthy lifestyle, diabetes, cholesterol, blood pressure

Usain Bolt's time for the 100m at major championships

2008 Beijing Olympics 9.69 seconds

2009 Berlin World Championships 9.58

2011 Daegu World Championships Disqualified

2012 London Olympics 9.63

2013 Moscow World Championships 9.77

2015 Beijing World Championships 9.79

2016 Rio Olympics 9.81

2017 London World Championships 9.95

Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press

Which honey takes your fancy?

Al Ghaf Honey

The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year

Sidr Honey

The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest

Samar Honey

The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments