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Mon 14 Jun 2010 10:55 AM

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Dubai Investments plans Gulf expansion

The UAE-based conglomerate sees a net profit of about $140m in H1 2010 - CEO.

Dubai Investments plans Gulf expansion
GROWTH PLANS: Dubai Investments chief executive Khalid bin Kalban. (ITP Images)

UAE-based conglomerate Dubai Investments sees a net profit of about $140 million in the first half of 2010 and plans to expand in the Gulf region, its chief executive told a local newspaper on Monday.

The company's Chief Executive Khalid bin Kalban told Arabic daily al-Bayan that net profit would amount to AED500 million ($136.1 million) in the first half of the year on growth beyond its traditionally UAE-focused market.

The company posted a AED278 million profit in the first-quarter driven by improvements in financial and real estate activities.

According to its website, the company also plans to increase the number of subsidiary companies to 47 this year.

It already has investments in companies such as Glass LLC, Dubai Investments Industries (DII), Dubai Investments Park (DIP), or DI Real Estate Company (DIRC), and plans expansion in new markets in the Gulf and to increase profit outside traditional markets.

Kalban also told the paper that the company's total assets had reached AED15 billion, which would reflect in its financial strength and help boost future growth.

In March, Dubai Investments said it was in talks to list its private equity arm, M'Sharie, on the Dubai Financial Market or Nasdaq Dubai within a year.

It said earlier it was also invited to manage investment parks in Jordan and Saudi Arabia. (Reuters)

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