DUBAL HOLDING & NORTH CHINA INDUSTRIES (NORINCO) sign a strategic Memorandum of Understanding
08 May 2019: DUBAL Holding and China North Industries Corporation (NORINCO) signed a comprehensive MoU during the week of the 2nd Belt and Road Forum in Beijing to strengthen the strategic cooperation under the framework of the UAE Vision 2021 and China’s Belt and Road Initiative (BRI). The MoU sets out plans for the intended collaboration in the industrial, mining and energy sectors. The senior management of both companies were present at the signing ceremony.
Abdulnasser Bin Kalban, CEO of DUBAL Holding praised the commitment of NORINCO to invest in the UAE economy and to co-invest together in BRI countries. “There are natural synergies when UAE and Chinese entities work together. We look forward to building a long-term strategic partnership with NORINCO and this MoU is a great milestone for the journey ahead.” The CEO and his team also came to China to attend the Belt & Road CEO Conference.
Luo Kaiquan, Senior Vice President at Norinco, noted that Norinco has been actively participating in the construction and development under the BRI. “The signing of this MoU is a clear example of the companies’ strategy to engage in the principles of mutual consultation, joint contribution and shared benefits. Under the framework of the BRI, we will be able to fully leverage the advantages of both companies and further deepen our cooperation.”
During the historic state visit of President Xi Jinping of China to the UAE last year, 13 MoUs were signed amongst ministries in multiple sectors. The MoU between NORINCO and DUBAL Holding reflects the initiatives taken by enterprises to enhance strategic collaboration and shows progress made by China and the UAE during this week’s forum.
DUBAL Holding is a wholly-owned subsidiary of the Investment Corporation of Dubai and invests on behalf of the government of Dubai in the fields of commodities & mining, power and industrial projects. The Chairman of the company is H.H. Sheikh Hamdan Bin Rashid Al Maktoum, the UAE Minister of Finance and Deputy Ruler of Dubai. DUBAL Holding’s largest asset is its 50% ownership of Emirates Global Aluminium which produces up to 2.6 Million tonnes per annum of high-grade primary aluminium in the UAE, which is the largest non-oil industrial project in the country. The UAE government will advance new projects in aluminium downstream as part of the Industrial Strategy 2030.
NORINCO is a giant state-owned enterprise group of China engaged in both products’ operation and capital operation, integrated with R&D, manufacturing, marketing, and services. NORINCO mainly deals with strategic products, petroleum and mineral resources exploitation, international engineering contracting, civilian blasting products and integrated mining service, vehicles and logistics operation, etc. NORINCO has been ranked among the forefront of the World Top 500 Enterprises in terms of total assets and revenue.
About Dubal Holding
Dubal Holding LLC (“DH”), the investment arm of Investment Corporation of Dubai in the fields of Commodities & Mining; Power & Energy; and Industrial Projects with special focus on developing aluminium downstream capabilities in the United Arab Emirates.