By Staff writer
Ahmad Bin Byat says profits to hit $1.5bn in 2015, with $1.2bn investments in local infrastructure
Dubai Holding, the investment holding company owned by the emirates’ ruler, is aiming for a 17 percent growth in profit this year, the firm’s managing director and vice chairman has said.
Ahmad Bin Byat said that 2015 profits are expected to reach $1.5bn this year, up from $1.28bn in 2014. He also added that Dubai Holding would be investing $1.2bn in local infrastructure projects, according to a report in Khaleej Times.
Bin Byat also said that the entity is committed to repaying its debts on time.
"The last obligation of Dubai Holding will be in January 2017 when it will clear bond payment worth £500 million," he told the newspaper.
The official said that roughly two thirds of Dubai Holding’s earnings stem from recurring revenues from nearly 25,000 residential units and offices in different parts of the emirate.
Dubai Holding has two main business groups. Dubai Holding Commercial Operations Group (DHCOG) owns entities such as Jumeirah Group, Dubai Properties Group and TECOM Group. Dubai Holding Investment Group manages Dubai Holding’s financial assets both at home and overseas.