Dubai Investments reports profit rise for Q3 on strong rental income

Conglomerate approves raising ownership threshold for non-UAE national shareholders to 49 per cent

31/10/2017 17:57 AST

Dubai Investments, part of sovereign wealth fund Investment Corporation of Dubai (ICD), reported a 4.8 per cent rise in net income for the third quarter of the year, thanks to a rise in rental income and investment property valuations.

The conglomerate's profit attributable to shareholders rose to Dh350.4 million from Dh334.4m from the same period last year, it said in documents posted on the Dubai Financial Market (DFM) on Tuesday.

Khalid Bin Kalban, managing director and chief executive of Dubai Investments, attributed the profit rise to an increase in rental income by Dh36.8m and corresponding increase on gain on fair valuation of investment properties by Dh126.6m.

Bin Kalban said on Tuesday: "Dubai Investments registered strong results for the first nine months of 2017. Excluding the one-off gain from divestments amounting to Dh186m in 2016, the company's net profit has in fact grown by Dh166m."

"Dubai Investments is on track to achieve its targets and is progressing with its strategy of enhancing its investments in the healthcare and education sectors," he added.

"At the same time, the company is focused on various real estate development projects which will monetise its land bank and deliver value to its shareholders."

The board of Dubai Investments also agreed this week to obtain shareholders' approval to increase non-UAE nationals' shareholding in the capital of the company to up to 49 per cent, the documents posted on the bourse disclosed.

Dubai Investments' interests Its interests span industrial, real estate and other sectors through its subsidiaries Dubai Investments Park, Dubai Investments Real Estate, Dubai Investments Industries, Masharie LLC, Glass LLC among others.

The National