Dubai Investments, part of sovereign wealth fund Investment Corporation of Dubai, reported a 4.8 per cent rise in net income for the third quarter of the year, thanks to a rise in rental income and investment property valuations.
The conglomerate's profit attributable to shareholders rose to Dh350.4 million from Dh334.4m from the same period last year, it said in documents posted on the Dubai Financial Market yesterday.
Khalid bin Kalban, managing director and chief executive of Dubai Investments, attributed the profit rise to an increase in rental income by Dh36.8m and corresponding increase on gain on fair valuation of investment properties by Dh126.6m.
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Dubai Investments profit declines in Q2
2017 will be positive, insists Dubai Investments
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“Dubai Investments registered strong results for the first nine months of 2017,” Mr
bin Kalban said yesterday. “Excluding the one-off gain from divestments amounting to Dh186m in 2016, the company’s net profit has in fact grown by Dh166m.
“Dubai Investments is on track to achieve its targets and is progressing with its strategy of enhancing its investments in the healthcare and education sectors,” he added.
“At the same time, the company is focused on various real estate development projects which will monetise its land bank and deliver value to its shareholders.”
The board of Dubai Investments also agreed this week to obtain shareholders’ approval to increase non-UAE nationals’ shareholding in the capital of the company to up to 49 per cent, the documents posted on the bourse disclosed.
Dubai Investments' interests span industrial, real estate and other sectors through its subsidiaries Dubai Investments Park, Dubai Investments Real Estate, Dubai Investments Industries, Masharie and Glass, among others.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Brief scores:
Liverpool 3
Mane 24', Shaqiri 73', 80'
Manchester United 1
Lingard 33'
Man of the Match: Fabinho (Liverpool)
Match info
Uefa Champions League Group B
Barcelona v Tottenham Hotspur, midnight
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
if you go
The flights
Emirates offer flights to Buenos Aires from Dubai, via Rio De Janeiro from around Dh6,300. emirates.com
Seeing the games
Tangol sell experiences across South America and generally have good access to tickets for most of the big teams in Buenos Aires: Boca Juniors, River Plate, and Independiente. Prices from Dh550 and include pick up and drop off from your hotel in the city. tangol.com
Staying there
Tangol will pick up tourists from any hotel in Buenos Aires, but after the intensity of the game, the Faena makes for tranquil, upmarket accommodation. Doubles from Dh1,110. faena.com
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
