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 Dubai Investments Report Higher Profits in 2023

IMAGE COURTESY: Dubai Investments

Dubai Investments Report Higher Profits in 2023

Riding high on the back of stupendous growth in Dubai’s real estate sector, Dubai Investments, the leading diversified investment company listed on the Dubai Financial Market (DFM), on Thursday reported higher profits by $136.91 million in 2023.

This profits were if adjusted for the one-off gain on disposal of controlling interest and fair value gain on retained investment in Emirates District Cooling LLC amounting to $266.96 million in the previous year.

The profits were higher mainly due to the sale of real estate properties, increase in rental income, higher fair valuation gain on investment properties, fair valuation gain on investments and gain on sale of investments, the company said in a statement with DFM, where its shares are traded, this morning.

Dubai Investments, which held its 28th Annual General Meeting (AGM), highlighted the Group’s journey, underscoring its resilience and adaptability in navigating the dynamic economic landscape and also announced distribution of 12.5% cash dividend to the shareholders for the financial year ending December 31, 2023.

The Group also reported profit attributable to the shareholders of the Company of $307.95 million for 2023 compared with $438 million in the previous year.

Robust Growth

In his address at the AGM, Dubai Investments Chairman Abdulrahman Ghanem Abdulrahman Al Mutaiwee highlighted the Group’s robust growth trajectory for 2024, driven by significant developments in the real estate sector, including the Group’s flagship Danah Bay project on Al Marjan Island, Ras Al Khaimah.

He emphasised the strategic expansion of the Group’s operations, noting upcoming developments and key endeavours like the DIP Angola project, which is set to enhance the Group’s regional footprint.

Al Mutaiwee also reiterated Dubai Investments’ reinforced position in the financial sector through increased investments in Al Mal Capital and Al Mal Capital REIT, alongside the strategic entry into digital banking with Monument Bank, the UK-based digital bank Monument Bank regulated by the UK’s Financial Conduct Authority.

It may be recalled that Dubai Investments increased its stake in the UK-based Monument Bank to nearly 17% by acquiring additional stake of 7.68% in November last year.

Dubai Investments’ commitment to innovation and excellence was underscored through investments in healthcare, particularly with Global Fertility Partners, and through ongoing involvement with Kings College Hospital London in Dubai, Al Mutaiwee said.

He also explained the reorganisation of the Group’s manufacturing companies to optimise efficiency, streamline operations, and enhance competitiveness.

Concluding his remarks, Al Mutaiwee reaffirmed the Group’s unwavering dedication to growth and sectoral excellence, positioning Dubai Investments for continued success in the coming years.

Global Business Magazine

Global Business Magazine

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