Dubai Investments, a diversified company in which sovereign wealth fund Investment Corporation of Dubai holds a stake, reported a 1 per cent increase in its full-year net profit due to higher operating income.
Net profit attributable to owners for the full year ending December 31, 2019 climbed to Dh658 million, the company said in a statement to the Dubai Financial Market where its shares trade. Operating profit during the period jumped 10 per cent year-on-year to Dh1.18 billion.
Revenue on the other hand, slid to Dh2.82bn, from Dh3.04bn a year earlier.
"The profit for the previous year [2018] included one off gain of Dh333m on M&A transactions. Hence, the profit for the current year is significantly higher if these one-off gains are excluded. This is mainly due to gain recognised on fair valuation of financial investments," the company said on Tuesday.
Dubai Investments' total assets at the end of the year reached Dh20.9bn, up 7 per cent since the end of 2018.
Set up in 1995, Dubai Investments has interests in various sectors including real estate, industrial, financial, healthcare and education.
The company, in which ICD holds an 11.54 per cent stake, owns businesses such as Dubai Investments Park, venture capital company Masharie, investment banking company Al Mal Capital and a number of building materials entities. It also owns district cooling company Emicool.
By 12.06pm UAE time on Tuesday, Dubai Investments shares were up 3 per cent, trading at Dh1.32 per share.
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
UAE currency: the story behind the money in your pockets
Champions parade (UAE timings)
7pm Gates open
8pm Deansgate stage showing starts
9pm Parade starts at Manchester Cathedral
9.45pm Parade ends at Peter Street
10pm City players on stage
11pm event ends
Trolls World Tour
Directed by: Walt Dohrn, David Smith
Starring: Anna Kendrick, Justin Timberlake
Rating: 4 stars
Basquiat in Abu Dhabi
One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi.
The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier.
It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.
“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi.
Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October
