A press release issued by both companies states that the deal 'builds on a successful partnership that started with the formation of Emal in 2006, a joint venture of Mubadala and Dubal', adding that the new company will look to expand along the value chain, from aluminium smelting to alumina refining and bauxite mining overseas.

"Emirates Global Aluminium will also continue to attract downstream manufacturing and ancillary businesses related to aluminium smelting and alumina refining as it grows, thereby indirectly creating additional jobs," claim Mubadala and the ICOD.

Abdulla Kalban, currently president and CEO of Dubal, will become managing director and CEO of the new company and Saeed Al Mazrooei, president and CEO of Emal, will be CEO of UAE Operations.