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Tue 11 Feb 2014 03:09 PM

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Dubai major set to launch new real estate projects

Conglomerate Dubai Investments eyes 'iconic' projects across the UAE in coming months

Dubai major set to launch new real estate projects
Khalid bin Kalban, managing director and CEO of Dubai Investments.

Conglomerate Dubai Investments said on Tuesday it was planning to launch "iconic" real estate projects across the UAE on the back of the growth seen in the sector.

The company, which recently reported a more than two-fold jump in its 2013 net profit, said it plans to unveil projects in the coming months in Meydan, Mirdif and Jumeirah Village Circle in Dubai, as well as other developments in Fujairah and Abu Dhabi.

Over 67 percent of its asset base is in real estate, currently worth over AED8.38 billion ($2.28 billion), Dubai Investments said in a statement.

Khalid bin Kalban, managing director and CEO, said: "The UAE real estate industry is in the midst of robust growth... we feel the time is right to move forward with developing our land holdings."

He added: "We aim to set new benchmarks through our projects and there is still an untapped market which we are eyeing. The overall optimism, accentuated with Dubai winning the Expo 2020 bid, is translating into investors eyeing long-term investments and growth in the UAE real estate industry. Overall, we expect acceleration across the entire spectrum of the industry."

He didn't give any further detail about the planned projects.

The company, in which sovereign fund Investment Corp of Dubai owns an 11.5 percent stake, posted a net profit of AED822 million ($223.8 million) in 2013, compared with AED321.4 million in 2012.

Revenue for the period was AED2.8 billion compared to AED2.3 billion in 2012.

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