Dubai Investments (DI) posted a 2.7 per cent increase in net profit for the fourth quarter as the diversified investment company grew its various businesses.
Net profit for the quarter ending December 31 reached Dh357 million last year compared with Dh348m in the year-earlier period, it said.
“We have once again delivered strong results against the backdrop of a challenging environment,” said the chief executive Khalid bin Kalban. “This underpins the diverse nature and adaptability of our businesses which enable us to take advantage of varied opportunities that arises in the market from time to time.”
The Investment Corporation of Dubai, owns an 11.5 per cent stake in DI.
The company, which operates the Dubai Investments Park mixed-use project, is eyeing new investments to grow its asset base. Total assets last year rose 7 per cent to Dh15.5bn from Dh14.5bn a year earlier.
“In 2016, Dubai Investments will continue to target new opportunities, with a focus on increasing its asset base, strengthening bottom line and improving operational efficiency,” said Mr bin Kalban. “The fundamentals of the UAE economy are strong, and diversification is increasing the country’s resilience to macroeconomic risks.”
The company is expanding in the Arabian Gulf region and Africa.
In Saudi Arabia, DI is planning to develop a project called Riyadh Investment Park in the country’s capital, similar to the Dubai Investments Park, Mr Kalban said last year.
The Saudi project involves developing 11 million square metres of land that will include warehousing, logistics, housing units and other facilities. It is also scouting locations for a similar investment park near Angola’s capital Luanda, Mr Kalban said last year. That project is expected to cover between 45 square kilometres and 50 sq km.
“We have now ventured into the healthcare and education sectors as these are areas which we believe will benefit from significant growth in the future,” said Mr Kalban. “We have also tapped into promising markets across the GCC and Africa to further strengthen our position as a regional powerhouse.”
DI shares closed 2.8 per cent lower at Dh1.72 yesterday.
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