Dubal Aluminium Company ltd (Dubal) has been renamed Dubai Aluminium Corporation and is now able to invest outside the UAE.
The new name and expanded reach of the company was announced in a decree by Sheikh Mohammed bin Rashid Al-Maktoum.
The decree now gives the company the ability to invest outside the UAE which is hoped will make the company more competitive. It also provided the company with a formally constituted board. It will remain a state-owned firm and still come under the Investment Corporation of Dubai (ICD), the emirate's sovereign wealth arm.
"Under the old decree, Dubal was not allowed to have investments outside the UAE or issue bonds, but now it can," a company spokesman was quoted as saying by Reuters.
Dubal could potentially issue bonds this year, the spokesman added but stressed that there was no current requirement. "There is no need at the moment, but it s a good tool to have available."
