Reuters reported that Government owned Dubai Aluminum Corporation expects a rise of up to 35% in its profit this year and it has enough reserves until 2017.

Mr Khalid Buhumaid spokesman of Dubal said that "Our expectation is that Dubal's profit will rise between 30% and 35% from last year. Dubal has reserves that are sufficient until 2017.”

Dubai's ruler issued a decree earlier this month to help Dubal become more competitive by being able to engage in investments outside the country and issue bonds.

In March, it was reported that Abu Dhabi investment vehicle Mubadala which jointly owns Emirates Aluminum with Dubal, had offered to buy a stake in Dubal.

(Sourced from Reuters)