Dubai has confirmed that the emirate is in talks to sell a stake in Dubal, the Dubai aluminum smelter that made a profit of $580 million profit last year to Abu Dhabi sovereign wealth fund Mubadala Development.
With global rivals like Alcoa currently commanding a price-to-earnings ratio of 68 that would value Dubal at around $39 billion. Profits at Dubal have doubled over the past year making it a particularly attractive time to sell such assets.
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