Dubai government-owned Dubal has acquired a 60 percent stake in OSE Industries, media reports said. OSE Industries is an aluminum extrusion company situated near Jebel Ali Port.
OSE Industries embarked its business in 2015 at Dubai industrial city. The company focuses on the exports of multiport extruded (MPE) tubes across regions such as the US, Europe, the Middle East, North Africa and Asia. Furthermore, the company’s clients are spread across sectors such as heating, ventilation and air conditioning (HVAC) including electric vehicle manufacturers.
Dubal is a subsidiary of the Investment Corporation of Dubai. The company is focusing to expand its industrial presence and bolster growth in the downstream value chain. The company was established in 2014 and invests in segments such as energy, industrial and commodity.
These are the entities in which Dubal is currently holding stakes in: EGA, China’s Calcined Petroleum Coke facility and 25MW CCGT power plant at EGA.
Saud Abu Al-Shawareb, managing director of Dubai Industrial City, told the media, “This deal is a major boost for Dubai’s industrial sector. It will enhance the emirate’s position as a hub for manufacturing and logistics in line with the vision of our leaders for a diversified, sustainable economy. As a strategic driver and enabler of the Dubai Industrial Strategy 2030, we work hard alongside our 750 business partners to position Dubai as a global platform for knowledge and innovation-based industries with a focus on priority sub-sectors including aluminum and fabrication metals.” Dubai is becoming a hotbed for foreign investors because of its hospitality and development.