Dubal Holding (DH), a wholly-owned subsidiary of Investment Corporation of Dubai (ICD) has acquired 60 percent of the share in the OSE Industries, a UAE-based specialized aluminium extrusion company.
The acquisition deal was signed by Ahmad Bin Fahad, Acting Executive Officer of DH and Othman Sharif, the President and Chairman of OSE.
Commenting on the merger, Bin Fahad stated that the current deal with OSE is in line with DH’s plan to invest in the identified growth sectors to progressively broaden the industrial footprint of the company in the region and generate a value addition in the downstream value chain.
“We are happy to be partnering with DH and confident that the association with DH will help OSE to expand its business rapidly in the UAE as well as overseas,” said Mr. Sharif.
Further Mr. Sharif added that the long-term expectations of OSE look optimistic as the specialized products of the firm would see an increasing demand from the steadily expanding electrical vehicle manufacturers in the coming few years and the gradual shift to use aluminium rolled tubes in the heating, ventilation & air conditioning (HVAC) sector.
Dubal Holding, the investment arm of ICD to invest in the fields of industrial, energy and commodities sector was founded in 2014. The existing portfolio of assets of the UAE based firm includes a 50 percent share in Emirates Global Aluminium (EGA), a minority stake in a Calcined Petroleum Coke facility based in China and a 50 percent ownership in an under development 625MW CCGT power plant at EGA, Jebel Ali along with Mubadala.
Founded in 2012 as a family-run business, OSE started its commercial operations in 2015 at Dubai Industrial City, focusing on the production of Multiport Extrusion Tubes, MPE Tubes, and Precision Tubes finding applications in automotive, HVAC and solar sectors.