Starting with a 50-50 wt.% nickel-aluminium alloy and using our procedure developed earlier an aluminium oxy-hydrate supported, finely dispersed NiAl intermetallic phase formed, which proved to be an active catalyst in liquid-phase hydrogenations. Its catalytic performance is very similar to that of the standard Raney (R)-Ni stored under water. It was found that, even after drying and storing in air for a year, this new catalyst preserved a significant amount of adsorbed hydrogen and its activity in hydrogenation reactions. Genesis of the new catalyst is discussed. (c) 2006 Elsevier B.V. All rights reserved.