Dubai Investments shareholders approve 12.5% dividend

Profit attributable to shareholders stood at Dh1.13 billion on December 31, 2023


A Staff Reporter

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The board of directors at Dubai Investments' AGM. — Supplied photo
The board of directors at Dubai Investments' AGM. — Supplied photo

Published: Thu 18 Apr 2024, 4:14 PM

Dubai Investments has announced the distribution of 12.5 per cent cash dividend to the shareholders for the financial year ending December 31, 2023.

The group reported profit attributable to the shareholders of the company of Dh1.13 billion for the year ended December 31, 2023 as compared to Dh1.608 billion in the previous year. The group has reported higher profits by Dh502.79 million if adjusted for the one-off gain on disposal of controlling interest and fair value gain on retained investment in Emirates District Cooling LLC amounting to Dh980.42 million in the previous year. The profits are higher mainly due to the sale of real estate properties, increase in rental income, higher fair valuation gain on investment properties, fair valuation gain on investments and gain on sale of investments.

Dubai Investments’ chairman Abdulrahman Ghanem Abdulrahman Al Mutaiwee highlighted the group’s robust growth trajectory for 2024, driven by significant developments in the real estate sector, including the group’s flagship Danah Bay project on Al Marjan Island, Ras Al Khaimah. He emphasiaed the strategic expansion of the group’s operations, noting upcoming developments and key endeavors like the DIP Angola project, which is set to enhance the group’s regional footprint. Al Mutaiwee also emphasised on Dubai Investments’ reinforced position in the financial sector through increased investments in Al Mal Capital and Al Mal Capital REIT, alongside the strategic entry into digital banking with Monument Bank.

Dubai Investments’ commitment to innovation and excellence was underscored through investments in healthcare, particularly with Global Fertility Partners, and through ongoing involvement with Kings College Hospital London in Dubai. He also highlighted the reorganisation of the Group’s manufacturing companies to optimize efficiency, streamline operations, and enhance competitiveness. Concluding his remarks, Al Mutaiwee reaffirmed the Group’s unwavering dedication to growth and sectoral excellence, positioning Dubai Investments for continued success in the coming years.

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