Bloomberg reported that Mubadala Development Company has offered to buy a stake in state owned Dubai Aluminum Company to create a new holding company.

Mr Sheikh Hamdan Bin Rashid Al Maktoum Dubai’s deputy ruler said that Mubadala has not specified the percentage of stake it wants to acquire although it is a good share.

Mr Ahmad Humaid Al Tayer vice chairman of Dubai Aluminum said that Dubai Aluminum is currently valued at USD 7 billion.

Mr Abdullah Kalban CEO of Dubai Aluminum said that Dubai Aluminum’s profit doubled last year to AED 2.12 billion from 1.05 billion in 2009.

(Sourced from Bloomberg.net)