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Thu 6 Jan 2011 03:24 PM

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Dubai Investments sees surge in Q4 profit

UAE conglomerate sees $65m Q4 profit excluding provisions; 2010 profit at AED930m

Dubai Investments sees surge in Q4 profit
COMPANY CEO: Dubai Investments chief executive Khalid Bin Kalban

UAE conglomerate Dubai Investments

expects to report a fourth-quarter profit of AED240m ($65m) before provisions and impairments,

its chief executive told Reuters on Thursday.

Dubai Investments, which is involved in sectors from real

estate to manufacturing, reported a fourth-quarter net profit of

AED141m in 2009.

The UAE-based conglomerate, in which the emirate's sovereign

wealth fund Investment Corporation of Dubai has a stake, expects

full-year profit of AED930m, Khalid Bin Kalban said.

Kalban said the group, which had earlier said it plans to

sell 30 percent of private equity unit Masharie through an IPO

in 2011, said it hopes to launch the share sale before June 30,

but only if market conditions are favourable.

"If we feel by March, April that the sentiment is not right

then we may push it to the end of the year," he added.

Kalban declined to put a figure on the pricing for IPO, but

said the group's expectations were reasonable and that the

decision by UAE handset retailer Axiom Telecom to cancel its

flotation in December would not discourage Masharie.

"We are not highly pricing the company. That is one

advantage we have."

"We do not want to go through what Axiom had gone through.

They were highly priced and timing was also not right."

The company, which derives most of its revenues from the

UAE and other Gulf Arab countries, said it has

its shifted focus to other markets in the region like Saudi

Arabia, Libya, Turkey, Qatar and Kazakhstan.

Shares of Dubai Investments rose 1.3 percent as at 0900 GMT

on the Dubai bourse.

 

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