By Staff writer
Conglomerate says it is seeking new growth opportunities in sectors including healthcare and education
Dubai Investments has announced that it expects to add around AED20 billion ($5.4 billion) in assets over the next 3-5 years and is seeking new growth opportunities in sectors including healthcare and education.
At its annual general meeting, shareholders also approved a 12 percent cash dividend after the company made a net profit of AED1.1 billion for 2015 with total assets of AED15.3 billion as of December 31 2015, an increase of AED800 million over 2014.
The conglomerate, in which sovereign fund Investment Corp of Dubai owns an 11.5 percent stake, said in a statement that it had delivered strong results despite "difficult market conditions" in 2015 – building on its existing operations in property, manufacturing and contracting and financial investments, and seeking new growth opportunities via diversification into new sectors of asset management, healthcare and education.
The statement added: “Although the beginning of 2016 was challenging, conditions are improving gradually and we hope that there will be a progressive market improvement during the year.
"We plan to continue our commitment to diversify into new sectors, enhance our geographical footprint and continue to target new opportunities with a focus on increasing asset base, strengthening bottom line and improving operational efficiency.”
Last month, Dubai Investments announced the acquisition of a 20 percent additional stake in Properties Investments (PI), a joint venture of Dubai Investments and Union Properties.
The company said that the deal is valued at AED98 million ($26.6 million) and with the new acquisition, Dubai Investments will hold a majority 70 percent stake in PI.