Mubadala Development is in talks to buy a stake in Dubai Aluminium (Dubal), potentially creating one of the world's largest smelting groups.
The talks about Mubadala buying an undisclosed stake in Dubal were announced yesterday by Sheikh Hamdan bin Rashid, Deputy Ruler of Dubai, after an annual general meeting to discuss the smelter's financial results for last year. Sheikh Hamdan is also UAE Minister of Finance and chairman of the Dubal board.
Mubadala, a strategic investment company owned by the Abu Dhabi Government, and Dubal are already linked through their 50-50 joint ownership of Emirates Aluminium (Emal), a smelter at Al Taweelah, Abu Dhabi.
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