Investment Corporation of Dubai (ICD), the emirate's sovereign wealth fund, has launched a new wholly-owned subsidiary - Dubal Holding to look after ICD's 50 per cent share in UAE-based aluminium major Emirates Global Aluminium (EGA).

The move comes following the decision by ICD and Abu Dhabi's Mubadala Development Company to combine their aluminium industry assets - primarily the operations of Dubai Aluminium (Dubal) and Emirates Aluminium Limited (Emal) - to form EGA.

The Dubal Holding board of directors will be headed by Sheikh Hamdan bin Rashid Al Maktoum as its chairman, while  Saeed Mohammed Ahmed Al Tayer will be the vice chairman. The other members are Khalifa Hassan Abdulla Al Daboos ; Abdul Wahid Mohammad Al Fahim and Hilal Khalfan Bin Dhaher.

Abdulnasser Bin Kalban has been named its new chief executive officer by Sheikh Hamdan.

Dubal Holding aims to be the Dubai government's industrial, energy and commodities investment and holding company; with the mission to create value for its shareholder and strategic partners through profitable and sustainable core business growth, both locally and internationally.-TradeArabia News Service