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Dubai Investments records $300m net profit in 2015.

Dubai Investments said it expects to add $5.4bn (AED20bn) in assets over the next three to five years.

The conglomerate, in which sovereign fund Investment Corp of Dubai owns 11.5% stake, is the parent company of Dubai International Real Estate, Emirates District Cooling (EMICOOL), Emirates Building Systems, and Dubai Investments Park.

At its annual general meeting, shareholders approved a 12% cash dividend after the firm made a net profit of $299.4m (AED1.1bn) for 2015.

Total assets as of 31 December, 2015, stood at $4.1bn (AED15.3bn), an increased of $217.7m (AED800m) over 2014.

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In a statement, Dubai Investments said 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 through diversification into new sectors of asset management, healthcare and education.

According to Arabian Business , 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."

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Publication:Construction Week
Geographic Code:7UNIT
Date:Apr 14, 2016
Words:230
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