Dubai Investments profit jumps to AED805m

Dubai Investments has seen a surge in its portfolio with revenue from real estate development going up by 24% over the first half of the year. Dubai Investments recorded significant profit growth in the second quarter after an increase in the value of its securities portfolio and the sale of a stake in a pharmaceutical subsidiary.
The company earned profits of AED805 million, driven by a near-doubling of the value of its “unquoted equity securities, funds and bonds”. The value of its unquoted security holdings increased from AED268.5m in December to AED512.3m at the end of June.
Dubai Investments’ listed equities portfolio fell slightly to AED362m in the second quarter, down from AED373m at the beginning of the year.
Revenue from real estate development increased by 24% over the first half of the year to AED399.6m, up from AED320.4m in the year-earlier period.
Dubai Investments said last month that it was considering two major acquisitions, made possible by its strong cash position.
“Several projects are under consideration,” said Khalid bin Kalban, the chief executive of Dubai Investments. “We have a strong thrust in developing our real estate business.”

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