Real estate, tourism on the upswing in Dubai

The year 2012 has been promising and there has been renewed investment activity in the region which is a sign of economic growth, according to Khalid Bin Kalban, Managing Director and CEO, Dubai Investments (DI), the largest investment company listed on the Dubai Financial Market. Kalban noted that the tourism sector has been on the upswing for sometime and now the local real estate market is also picking up. All these factors have contributed to the Group’s sustained performance, he added. Kalban made the remarks recently while announcing Dubai Investments’s financial results for the six month period ended June 30, 2012. DI reported another quarter of strong results with profits of Dhs171 million for the period and total income at Dhs1.26 billion. Total assets as on June 30, 2012 amount to Dhs13.6 billion while total liabilities amount to Dhs4.6 billion. Net worth of the company stands at Dhs9.0 billion and the annualised return on share capital achieved for the period was 9.6 per cent. “Moving forward, we are targeting exits from selected investments which are expected to further contribute to the Group’s profitability. We will continue to explore opportunities in strategically promising businesses in existing and new geographical locations to consolidate our position as an important player in the region while providing significant returns in the future” Kalban added. Kalban explained that DI is a world-class company that invests in viable and profitable entities. With over 19,894 shareholders, and paid-up capital of Dhs3.5 billion, it is the largest investment company listed on Dubai Financial Market. The CEO disclosed that Dubai Investments was incorporated in 1995, with the primary objective of investing in companies and projects. Dubai Investments has established companies encompassing a diverse range of sectors including manufacturing, food and related fast moving consumer goods, wholesale and retail trade representation, healthcare and pharmaceuticals, industrial and commercial properties, real estate management and property development, transportation, shipping, distribution and logistics, marketing and sales, publishing and telecommunications. From gulftoday