Dubai Investments, a diversified company in which sovereign wealth fund Investment Corporation of Dubai holds a stake, aims to strengthen its foothold in real estate as the sector recovers from the coronavirus pandemic on the back of government initiatives.
"After careful evaluation and in line with the market trends, the group is ... strengthening its foothold in the real estate market, especially with the improved sentiment and demand within the sector from both local and international markets," said Khalid bin Kalban, vice chairman and chief executive of Dubai Investments.
Dubai Investments recently signed an agreement with Ras Al Khaimah master developer Marjan to acquire land and develop a Dh1 billion ($272m) mixed-use waterfront destination on Al Marjan Island. It is also delivering a Dh500 million project in Fujairah with shopping malls, residential and commercial towers and a hotel. In addition, it is developing a Dh3bn mixed-use project in Mirdif with more than 1,000 residential units, an office building and a hotel.
Mr bin Kalban said the company's nine-month net profit increased 9 per cent to Dh455.6m ($124m) from the same period last year.
“The results ... demonstrated [the] resilience of our business model and is a result of strong performance across all segments, as we remain focused on our strategy of growth and expansion," Mr bin Kalban said.
The company's third-quarter net profit attributable to the owners of the company for the three months to the end September fell 28 per cent to Dh153.5m from a year earlier, as revenue decreased and administrative expenses rose, it said in a statement on Thursday to the Dubai Financial Market, where its shares are traded.
Set up in 1995, Dubai Investments owns businesses such as Dubai Investments Park, venture capital company Masharie, Al Mal Capital and district cooling company Emicool.