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DIRC plans projects worth $3.8bn

The real estate arm of Dubai Investments (DI) will be working on projects worth a total of AED14 billion ($3.81 billion) by the end of the year, its chief executive said on Tuesday.

Khalid Kalban said the vast majority of the projects Dubai Investments Real Estate Company (DIRC) has in the pipeline will be located in one of the UAE’s seven emirates, but did not reveal which one, Khaleej Times reported on Wednesday.
DIRC currently has around AED4 billion ($1.09 billion) worth of projects in its portfolio, according to Kalban.

He said the growth DIRC is experiencing is part of an expansion strategy that a number of DI’s subsidiaries are embarking on.

On Monday DI, the UAE's largest diversified holdings firm by market value, posted its second-biggest profit on record in the second quarter as building material and property units boosted sales.

Profit in the three months to June 30 rose 25.7% to AED367.68 million ($100.1 million), or AED0.17 per share, compared with AED292.55 million, or AED0.14 per share, in the year-earlier period, it said in a statement on the Dubai bourse Web site.

Property sales surged 10-fold to AED201.96 million in the three-month period, Dubai Investments said.

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