Dubai Investments posts 25% jump in Q1 net profit
Dubai Investments has reported a 25 percent jump in first quarter net profit, rising to AED362 million ($98.5 million).The company also said total income increased by 33 percent to AED927 million while assets rose to AED19.2 billion.
Khalid Bin Kalban, managing director and CEO of Dubai Investments, said the strong Q1 results were driven by the strategic acquisition of additional 50 percent stake in Emirates District Cooling (Emicool).
He added: “The company has a strong pipeline of ongoing real estate developments such as Mirdif Hills and is also working on several other projects and transactions which will continue to enhance shareholder’s value.
“These include launching a multi-asset class REIT expected to be listed on the local market, the IPO of Emicool and the establishment of the University of Balamand in Dubai.”He said the company is also targeting investments in sectors related to financial services, education, healthcare and entertainment.
The company’s portfolio currently includes 35 subsidiaries and joint ventures across a range of sectors. In March, Dubai Investments announced plans to lead a consortium of investors to launch Arkan Bank, a wholesale Islamic financial institution with an initial paid-up capital of $100 million.
Arkan Bank is applying to the Dubai Financial Services Authority (DFSA) for approval for a prudential Category 5 licence to operate as an Islamic financial institution.This will be the first home-grown Islamic bank to operate from Dubai International Financial Centre (DIFC).