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Sun 4 Oct 2015 09:31 AM

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Dubai Holding unit records 24% increase in net profit of $707m

Conglomerate owned by the emirate's ruler has interests in hospitality, business parks, real estate and telecoms

Dubai Holding unit records 24% increase in net profit of $707m
Jumeirah Groups Burj Al Arab hotel, which is part of Dubai Holdings portfolio of assets. (AFP/Getty Images)

Dubai Holding Commercial Operations Group (DHCOG), part of a conglomerate owned by the emirate's ruler, reported a 24 percent increase in half-year net profit.

DHCOG has interests in hospitality, business parks, real estate and telecommunications. It made a net profit of AED2.6 billion ($707.91 million) in the first six months of 2015, up from AED2.1 billion in the prior-year period, according to a statement emailed this weekend.

In the statement, the company said it expects full-year net profit to exceed AED5.5 billion. It reported a profit of AED4.68 billion in 2014.

DHCOG did not provide a half-yearly revenue figure or explain the profit growth, aside from stating it "continued to see good operational progress with all businesses performing well and contributing to the Group's profitability".

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