Dubai Investments has posted a net of Dh189.1 million ($51.5 million) in the third quarter of the year, compared with Dh161.1 million ($43.8 million) in the same period of 2013, marking an increase of 17.4 per cent.

The conglomerate, in which sovereign fund Investment Corp of Dubai owns an 11.5 percent stake, attributed the rise to lower costs and administrative expenses.

The firm's nine-month profit nearly doubled to Dh994.6 million ($270.75 million). Dubai Investments sold a 66 per cent equity stake in its wholly owned pharmaceutical unit Globalpharma to an investor group led by French drugmaker Sanofi ; the deal contributed a profit of Dh472 million ($128.5 million) for the second quarter.

Khalid Bin Kalban, managing director and CEO of Dubai Investments, said: “Dubai Investments has yet again provided strong year-to-date results for 2014 which demonstrates the strength of our diversified portfolio. We are witnessing optimistic sentiments across various sectors of the economy, which places us in a good position to capitalize on the available opportunities in line with our growth strategy.”

“DI has ramped up its liquidity following strong operating results and this will enable us to take advantage of opportunities in the market. Several projects and investments are currently under consideration and these will maintain the momentum going forward while providing enhanced value to shareholders,” he added.

Dubai Investments owns around 35 subsidiaries and joint ventures encompassing a diverse range of sectors. - TradeArabia News Service and Reuters