Thursday 9 July 2020

Dubai Investments announces 10pc dividend

DUBAI, June 4, 2020

Dubai Investments, a leading investment and a public joint stock company listed on the Dubai Financial Market (DFM), has announced distribution of 10% cash dividend to the shareholders for the financial year ending December 31, 2019.

A proposal to this effect was approved by the shareholders at the company’s virtually held 24th Annual General Meeting [AGM] on June 3.

A major Emirati business conglomerate, Dubai Investments primarily operates in the development of real estate for sale and leasing and contracting activities, manufacturing and trading of products in various sectors, and investing in bonds, funds and equity securities.

Abdulrahman Ghanem Al Mutaiwee was elected as the company’s new Chairman and Khalid Bin Kalban as its new Vice-Chairman. The other board members comprise of Ali Fardan Ali Al Fardan, Mohamed Saif Darwish Al Ketbi, Khaled Mohammad Ali Al Kamda and two new members, Abudulrahman Mohamed Rashed Alshared and Hussain Nasser Ahmed Lootah.

The company’s shareholders also approved all other resolutions presented by Dubai Investments Board of Directors. The Group has reported profit attributable to the shareholders of the Company of AED657.4 million ($179 million) for the year ended 31 December 2019 as compared to AED651.4 million in the previous year.

Total assets of the Group have increased by AED1.41 billion and stands at AED20.96 billion as of 31 December 2019 (2018: AED19.55 billion). The increase in total assets is mainly attributable to acquisition of additional 66% interest in Globalpharma and cost incurred on development of real estate projects during the year.

During the AGM, the Company stated that it is studying and evaluating businesses to review and enhance business continuity plans as new strategies are solidified.

The Company confirmed it has a strong foundation and ability to withstand pressure, streamline businesses, ensure the safety and well-being of workforce and reduce business impacts. It also assured a healthy liquidity portfolio with plans focused on tapping into the right stimulus measures keeping liquidity stable and maintaining operational resiliency.

The Company also confirmed remaining upbeat on future prospects and striving to strengthen existing businesses and highlighted 2020 as the 25th year of successful business investments. – TradeArabia News Service


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