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Thu 10 Feb 2011 04:38 PM

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Dubai Investments plans to borrow about $300m this year

CEO says company expects 2011 profit to be similar to that in 2010; sees 30% gain in operating profit

Dubai Investments plans to borrow about $300m this year
COMPANY PLANS: Dubai Investments plans to borrow about $300m from banks this year as it seeks to maintain profit levels, CEO Khalid Bin Kalban said (ITP Images)

Dubai Investments, which owns stakes in more than 40 companies, plans to borrow about $300m from banks this year as it seeks to maintain profit levels, CEO Khalid Bin Kalban said in an interview in Dubai on Thursday.

The company will take a decision by the third quarter on an initial public offering by its private equity firm Masharie, he said.

An IPO by Emirates District Cooling, another Dubai Investments unit, will most likely take place in 2012 or 2013, he said.

Dubai Investments expects its 2011 profit to be similar to that in 2010, while seeing a 30 percent gain in operating profit, Kalban said.

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