Dubai Investments, a leading, diversified investments conglomerate listed on the Dubai Financial Market, has decided to distribute 12 per cent cash dividend and 5 per cent bonus shares to the shareholders for the financial year ending December 31, 2016.

A proposal to this effect was approved by shareholders at the company’s 21st Annual General Meeting (AGM) on April 10, 2017, said a statement.

The company’s shareholders also approved all other resolutions presented by Dubai Investments board of directors. The company also presented its 2016 financial results, which revealed a net profit of Dh1.22 billion ($332.15 million) for 2016, an increase of 10 per cent compared to 2015. Total assets of Dubai Investments increased by Dh861 million to touch Dh16.1 billion ($4.38 billion) as of December 31, 2016.

Dubai Investments’ board of directors was also reconstituted for a term of three years – with board members increasing to seven from the previous five. The new board comprises Sohail Faris Ghanim Al Mazrui, Hussain Mahyoob Sultan Al Junaidy, Ali Fardan Ali Al Fardan, Mohamed Saif Darwish Al Ketbi, Khalid Bin Kalban, Abdulrahman Ghanem Abdulrahman Al Mutaiwee and Khaled Mohammad Ali Al Kamda.

At the AGM, Al Junaidy, vice-chairman of the board of directors of Dubai Investments, read out the chairman’s report, highlighting the company’s growth. The report said: “During 2016, Dubai Investments registered improved performance across all three sectors of its operations – i.e. property, manufacturing and contracting and financial investments. The diversity of businesses, coupled with long-term nature of the underlying contracts, helped the Company in sustaining growth in a challenging business environment.”

Property accounts for approximately 62 per cent of Dubai Investments’ total assets and contributes 50 per cent of the revenue while manufacturing and contracting accounts for 19 per cent of the company’s total assets and contributes 48.5 per cent of its revenue whereas financial investments represents approximately 19 per cent of the Dubai Investments’ total assets.

Elaborating on the future prospects, the report said: “During 2017, the company will continue its execution of real estate projects and exploring new investment opportunities – primarily in the education and healthcare sectors. At the same time, Dubai Investments will be looking at opportunities for exits from existing businesses and assets.”

Highlights in 2016
During 2016, Dubai Investments continued to build on its leadership in the property sector. Its wholly-owned subsidiary Dubai Investments Park (DIP) witnessed increased demand and explored opportunities in Saudi Arabia and Africa. Dubai Investments Real Estate Company (DIRC) launched sales of ‘Mirdif Hills’ project; while Dubai Investments acquired additional 20 per cent stake in Properties Investment, raising it to 70 per cent. Properties Investment is developing Green Community West DIP – Phase III.

In manufacturing and contracting, Dubai Investments divested its 100 per cent shareholding in Marmum Dairy Farm and United Sales Partners; and invested in a new aluminum rolling plant Emirates Aluminum Rolling (Emiroll) with planned capacity of producing 45,000 metric tons of mill finish aluminum and 20,000 metric tons of hot roll coils. The project has received preliminary approvals; construction is expected to start in August 2017 and plant commissioning anticipated by December 2018.

During the year, Dubai Investments joint venture KCH Healthcare also broke the ground for the 100-bed, multi-specialty King’s College Hospital Dubai, which is scheduled to be completed by 2018. The company’s subsidiary Modul University Dubai was inaugurated during the year, with the first batch of academic programs under way in October with over 130 students from 30+ nationalities. The group is currently reviewing various investment proposals in education and healthcare sector, the statement said. - TradeArabia News Service