Dubai Investments net profit surges to AED 265 million in first quarter of 2014

DI’s net worth increased to AED 9.3 billion, compared to AED 8.7 billion at the end of Q1 2013.

The annualized return on equity achieved for the period was 11.4%, as
against 9.7% in the comparable period last year.

Khalid Bin Kalban, Managing Director and Chief Executive Officer, Dubai Investments PJSC, said: “We are delighted with the results in the first quarter of 2014. While all our businesses have contributed, we have seen significant growth trends in our real estate and manufacturing portfolio. This comes amidst surging investor confidence across the UAE and region, and encouraging trends for our diversified businesses.”

He added: “Subsequent to the highly successful issue of USD 300 million Sukuk by Dubai Investments Park Development Company, a subsidiary of the Group and increase in cash generated from Group’s operations, the liquidity position has improved significantly and the Group is having available cash balances of more than AED 1 billion. This enhanced liquidity will enable DI to take advantage of market opportunities and several projects are under consideration. We have a strong thrust in developing our real estate business, riding on the crest of the wave of the current upswing in the sector.

“We are excited about the outlook for the rest of 2014 due to improved performance of our underlying entities operating across all sectors. Further, we are edging towards completion of a divestment transaction which will significantly contribute to the Group’s profitability.”