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Thu 1 Nov 2018 03:01 PM

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Dubai Investments sees nine-month net profit fall to $197m

Dubai Investments boss says moving ahead with plans to monetarise real estate assets and projects

Dubai Investments sees nine-month net profit fall to $197m
Khalid bin Kalban, managing director and CEO of Dubai Investments.

Dubai Investments on Thursday reported a net profit of AED724 million ($197.1 million) for the nine-month period ending September 30, down from AED830 million for the same period last year.

Total assets grew to AED19.44 billion and total income during the period increased to AED2.42 billion from AED2.03 billion, the company said in a statement.

Khalid bin Kalban, managing director and CEO of Dubai Investments, said: "The results from the first nine months of 2018 demonstrates the resilience and strength of our diversified business model which has kept us in good stead through the various economic cycles.

"We have strengthened our asset base with the 50 percent acquisition of Emicool and aim to further it with both organic and inorganic growth.

"We are moving ahead with our planned strategies of monetising our real estate assets and project developments which are well on target.

"We have already made substantial investments in the education and healthcare sectors, with several other opportunities in various stages of assessment and evaluation," he added.

Dubai Investments said last month that the construction of its $820 million Mirdif Hills project, being developed by its subsidiary Dubai Investments Real Estate Company (DIRC), is almost 50 percent complete.

Construction on the project is progressing as scheduled with the completion of 54 percent of Janayen Avenue, 50 percent of Nasayem Avenue, and 12 percent of Multaqa Avenue, the developer said in a statement.

Mirdif Hills is a mixed-use, residential, commercial, and retail development by DIRC and the only freehold development currently in Mirdif.

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