DIC Projects on Track for Completion in 2026
- Business Companies Real Estate Regional
Global Business Magazine- 5 minutes read
Three major projects of Dubai Investments Company (DIC), which is listed on Dubai Financial Market (DFM), are progressing on track and scheduled for completion in 2026.
The company said that the off-plan sales for Violet Tower at Jumeirah Village Circle have been robust, with construction expected to be completed by Q4 of 2026. Likewise, the Danah Bay project is making significant headway, with villas slated for completion in Q1 of 2025, followed by the Beachfront Villas in Q3 of 2025 and the Danah Bay Residential Tower in Q4 of 2026.
Additionally, the Group, exemplified by Al Mal Capital REIT, now holds five income-generating assets. These key developments are playing a pivotal role in reinforcing the Group’s real estate portfolio and enhancing its contribution to sustainable income streams.
Even the company’s geographical expansion efforts are also gaining momentum, marked by the commencement of construction for Dubai Investments park (DIP) Angola, the Group’s ambitious mixed-use economic zone in Africa.
This project demonstrates Dubai Investments vision of establishing integrated hubs that catalyze economic and social progress. DIP Angola, a new and unique eco-industrial project located on the northwest of the country along the Atlantic Coast is set to become an outstanding mixed-used development in Africa.
Covering 2000 hectares, DIP Angola aims to be a gateway for industrial, commercial, residential, and tourism industries, making a significant contribution to Angola’s economic development goals.
Developed by Dubai Investments International, following the proven model of Dubai Investments Park in the UAE, DIP Angola offers an attractive location for investors and residents. Dubai Investments is dedicated to creating long-term value for its shareholders and this strategic diversification across different emirates and market segments.
DIC’s Financials
Dubai Investments PJSC, the leading diversified investment company listed on the Dubai Financial Market (DFM), announced net profit after tax attributable to shareholders of $65.70 million for the three-month period ended 30 September 2024 compared with $64.40 million during the corresponding period in previous year.
Further, the Group reported a net profit after tax attributable to shareholders of $177.11 million for the nine-month period ending 30 September 2024.
The net profit attributable to the shareholders after tax for the current period is significantly higher by 80% and 78% respectively for the nine-month period ended 30 September 2024 and for the three-month period ended 30 September 2024, if adjusted for the one-off gain on the fair valuation of investment properties.
The Group’s total assets grew to $5.94 billion as at 30 September 2024 compared with $5.84 billion as at 31 December 2023. The equity attributable to the shareholders of the company is recorded at $3.7 billion compared with $3.66 billion as at 31 December 2023.
Vice Chairman and CEO of Dubai Investments Khalid Bin Kalban said that his company’s financial performance for the nine-month period ended 30 September 2024, reflects the Group’s strategic commitment to sustainable growth and thoughtful portfolio diversification.
This achievement showcased the enduring strength and resilience of the Group’s core business operations and the Group is encouraged by the dynamic momentum in the real estate sector, complemented by the improved performance of its investment portfolio, he said.
“Dubai Investments will continue to monetize its real estate assets as part of the Group’s strategic objectives. By strategically capitalising on emerging opportunities and implementing forward-looking investment strategies, the Group remains well-positioned to drive long-term value for the shareholders,” he added.
