DUBAI, UNITED ARAB EMIRATES - November 24:  Khalid  Bin Kalban, Vice Chairman, Union Properties, speaking during a press conference held at the UP offices in Dubai on November 24, 2009.  (Randi Sokoloff / The National)  For Business story/Stock *** Local Caption ***  RS004-112409-UP.jpg
Khalid Bin Kalban, chief executive of Dubai Investments, says the purchase of Globalpharma is in line with company's strategic objectives. Randi Sokoloff / The National

Dubai Investments first-quarter profit surges 25%



Dubai Investments said first quarter profit jumped 25 per cent after it acquired a 50 per cent stake in Emirates District Cooling, also known as Emicool.

The diversified conglomerate said net income surged to Dh362 million in the first three months of the year from the corresponding period in 2017, according to an statement from the company. Total assets rose to Dh19.2 billion in the first quarter compared to Dh17bn as of December 31, 2017. Annualised return on equity in the first quarter was 11.86 per cent, the company said.

“The company has a strong pipeline of ongoing real estate developments such as Mirdif Hills and are also working on several other projects and transactions which will continue to enhance shareholder’s value,” said Khalid bin Kalban, managing director and chief executive of Dubai Investments.

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Mr bin Kalban said the projects included the creation of a multi-asset real estate investment trust, the initial public offering of Emicool and establishment of University of Balamand in Dubai. Dubai Investments is also targeting in financial services, education, health care and entertainment as it seeks greater diversification, he said.

In April, the chief executive told The National that the Reit would have an initial asset size of Dh3bn and would be listed on the Dubai Financial Market where shares of Dubai Investments trade. The Reit will include hospitals, hotels, shopping malls, warehousing, logistics, residential, offices and other commercial property in the UAE. Real estate accounts for about 68 per cent of the company's total assets and contributes 57 per cent of the group's revenues.

In January, Dubai Investments acquired an additional 50 per cent stake in Emicool from Union Properties for Dh500m, giving it full ownership of the utilities company. The acquisition of Emicool added Dh2bn to Dubai Investments' balance sheet and will likely help it grow its total assets to Dh20bn by the end of 2018, two years earlier than planned, Mr bin Kalban said in April.

Emicool provides district cooling services to more than 19,000 customers in the UAE. The company is planning to increase its capacity to 500,000 tonnes of refrigeration by 2020 as demand for district cooling in the UAE and the region continues to grow.

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

ARGYLLE

Director: Matthew Vaughn

Starring: Bryce Dallas Howard, Sam Rockwell, John Cena

Rating: 3/5

HAEMOGLOBIN DISORDERS EXPLAINED

Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.

Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.

The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.

The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.

A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

PSA DUBAI WORLD SERIES FINALS LINE-UP

Men’s: 
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)

Women's: 
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)

About RuPay

A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank

RuPay process payments between banks and merchants for purchases made with credit or debit cards

It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.

In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments

The name blends two words rupee and payment

Some advantages of the network include lower processing fees and transaction costs

65

Directors: Scott Beck, Bryan Woods

Stars: Adam Driver, Ariana Greenblatt, Chloe Coleman

Rating: 2/5

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

Results

6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m; Winner: Ghaiyyath, William Buick (jockey), Charlie Appleby (trainer).

7.05pm: Handicap $135,000 (T) 1,600m; Winner: Cliffs Of Capri, Tadhg O’Shea, Jamie Osborne.

7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m; Winner: Down On Da Bayou, Mickael Barzalona, Salem bin Ghadayer.

8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m; Winner: Zakouski, James Doyle, Charlie Appleby.

8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m; Winner: Waady, Jim Crowley, Doug Watson.

NEW UTILITY POLICY: WHAT DOES IT REGULATE?

• Agreements on energy and water supply

• Applied service fees

• Customer data and information privacy

• Prohibition of service disconnections

• Customer complaint process

• Management of debts and customers in default

• Services provided to people of determination and home care customers

JUDAS AND THE BLACK MESSIAH

Directed by: Shaka King

Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons

Four stars

Tales of Yusuf Tadros

Adel Esmat (translated by Mandy McClure)

Hoopoe

Company Profile

Company name: Yeepeey

Started: Soft launch in November, 2020

Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani

Based: Dubai

Industry: E-grocery

Initial investment: $150,000

Future plan: Raise $1.5m and enter Saudi Arabia next year

The Punishment of Luxury
OMD
100% Records

Walls

Louis Tomlinson

3 out of 5 stars

(Syco Music/Arista Records)

Race card

5pm: Handicap (PA) Dh80,000 (Turf) 1,600m; 5.30pm: Maiden (PA) Dh80,000 (T) 1,400m

6pm: Handicap (PA) Dh80,000 (T) 1,400m; 6.30pm: Handicap (PA) Dh80,000 (T) 1,200m

7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m

7.30pm: Handicap (TB) Dh100,000 (PA) 1,400m

Brief scores:

Kashima Antlers 0

River Plate 4

Zuculini 24', Martinez 73', 90+2', Borre 89' (pen)

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

NINE WINLESS GAMES

Arsenal 2-2 Crystal Palace (Oct 27, PL)

Liverpool 5-5 Arsenal  (Oct 30, EFL)

Arsenal 1-1 Wolves (Nov 02, PL)

Vitoria Guimaraes 1-1 Arsenal  (Nov 6, Europa)

Leicester 2-0 Arsenal (Nov 9, PL)

Arsenal 2-2 Southampton (Nov 23, PL)

Arsenal 1-2 Eintracht Frankfurt (Nov 28, Europa)

Norwich 2-2 Arsenal (Dec 01, PL)

Arsenal 1-2 Brighton (Dec 05, PL)

Hidden killer

Sepsis arises when the body tries to fight an infection but damages its own tissue and organs in the process.

The World Health Organisation estimates it affects about 30 million people each year and that about six million die.

Of those about three million are newborns and 1.2 are young children.

Patients with septic shock must often have limbs amputated if clots in their limbs prevent blood flow, causing the limbs to die.

Campaigners say the condition is often diagnosed far too late by medical professionals and that many patients wait too long to seek treatment, confusing the symptoms with flu. 


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