Dubal Holding’s OSE Industries acquisition a major boost for Dubai’s industrial sector
Dubai-UAE: 13 February 2020 – Dubal Holding’s decision to acquire a majority stake in Dubai-based aluminium extrusion company OSE Industries is a major vote of confidence in the UAE economy, according to Dubai Industrial City.
The region’s largest manufacturing and logistics hub, home to OSE Industries, lauded the deal as a reflection of the growth opportunities and underlying strength in Dubai’s industrial sector.
OSE Industries began manufacturing operations in 2015 and now exports MPE, precision tubing and industrial piping across the Middle East and North Africa, Asia, Europe and the US. Its clients include a well-known US electric carmaker, as well as major players in the heating, ventilation and air conditioning (HVAC) sector.
Dubal Holding’s acting chief executive officer, Ahmad Bin Fahad, said: “We have strong faith in the fundamentals of Dubai’s economy and continue to actively explore investment opportunities in key growth sectors to create value and downstream opportunities. Our agreement with OSE Industries underscores our resolute confidence in the emirate’s industrial ecosystem. I would also like to commend Dubai Industrial City’s role in creating a vibrant ecosystem with infrastructure and an enabling environment to help companies scale and grow.”
OSE president and chairman, Othman Sharif, added: “As the shift to electric vehicles in Europe and the US steps up a gear, our business is uniquely positioned to capitalise on this evolution in the automotive market and the move towards a cleaner, greener future. The UAE is a regional leader in sustainability, and we are proud to be a family-run, Dubai-based company that has grown organically, exporting high-quality products to markets all around the world.”
For his part, Saud Abu Al-Shawareb, Managing Director of Dubai Industrial City, said: “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 aluminium and fabrication metals.”
Situated near Jebel Ali Port and Al Maktoum International Airport, OSE Industries’ strategic location in Dubai Industrial City affords the business trade access to two-thirds of the global population in eight hours. This has enabled it to expand quickly as electric vehicles become more popular and the HVAC sector shifts its focus to aluminium rolled tubes.
Dubal Holding, a wholly-owned subsidiary of Investment Corporation of Dubai, is focused on expanding its industrial footprint and stimulating growth in the downstream value chain. Its stake in OSE Industries sends a positive message to the global investment community in Dubai’s future growth potential as the restart in the global economy gains momentum.