Government-owned Dubai Aluminium Corp (Dubal) expects a rise of up to 35 percent in its profit this year, and it has enough reserves until 2017, a company spokesman was quoted as saying on Tuesday.
"Our expectation is that Dubal's profit will rise between 30 and 35 percent from last year," Dubal spokesman Khalid Buhumaid told Dubai TV, according to a partial text of an interview to be aired later on Tuesday.
"Dubal has reserves that are sufficient until 2017," Buhumaid said, reiterating an earlier company statement that the it had no current plans to issue a bond.
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 Aluminium with Dubal, had offered to buy a stake in Dubal.
Dubal, one of Dubai's profitable assets, was valued at $7bn, its vice chairman Ahmed Humaid Al Tayer was quoted by local media as saying in March. Its net profit for 2010 more than doubled to AED2.13bn ($580m).
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