Dubai Investments is in the process of finalising its participation in an infrastructure development in Riyadh KSA that will be similar to Dubai Investments Park and is also evaluating proposals for similar opportunities in Africa.
The diversified industrial company is targeting promising growth markets and is moving into sectors such as education and healthcare with a view to expanding its asset base, strengthening bottom line and improving efficiency, it said today in a stock exchange filing to announce its first quarter financials.
Dubai Investments currently owns nearly 40 subsidiaries and joint ventures across a diverse range of sectors, including real estate, and continues to seek new investment opportunities, locally and internationally, as part of its strategic roadmap.
Net profit for the first three months of the year came in at AED 289mn, down by 3 percent on the AED 298mn posted for the same period of last year. However Khalid Bin Kalban, managing director and chief executive officer of Dubai Investments, said that excluding a one off item of AED 187mn, net profit for Q1 2017 actually increased by AED 178mn, driven by growth in rental income.
Revenue for the period was AED 697mn, down from AED 715mn in Q1 2016. Total assets rose to AED 16.76bn, compared to AED 16.11bn as at December 31, 2016.
Khalid Bin Kalban added: The Companys outlook for the remaining of 2017 is positive with various real estate developments in the pipeline.”