DUBAI, 17th April, 2019 (WAM) — Dubai Investments, the leading diversified investments conglomerate listed on the Dubai Financial Market, has decided to distribute 10 percent cash dividend to its shareholders for the financial year ending 31st December, 2018.
A proposal to this effect was approved by shareholders at the group’s 23rd annual general meeting, AGM, today. The company’s shareholders also approved all other resolutions presented by the Board of Directors of Dubai Investments.
The company presented its 2018 financial results, which revealed a net profit of AED651.4 million for 2018. Total assets of the group increased by AED2.55 billion to reach AED19.6 billion as of 31st December, 2018.
At the AGM, Hussain Mahyoob Sultan Al Junaidy, Vice-Chairman of the Board of Directors of Dubai Investments, read out the chairman’s report highlighting the company’s growth.
The property business accounted for 63 percent of the total assets and contributed 38 percent to the group’s total income, while manufacturing, contracting and services accounted for 24 percent of total assets and contributed 55 percent to the group’s total income. Investments accounted for 13 percent of the group’s total assets and contributed seven percent to the group’s total income.
During 2018, the group continued to build on its leadership in the property sector. The Dubai Investments Park continued to generate sustainable income for the company with an increase in rental income achieved from revisions in lease rates and lease of additional land. The Dubai Investments Real Estate Company focused on Mirdif Hills, a mixed-use freehold development that comprises residential apartments, a hotel, service apartments, a hospital, and retail facilities, while Al Taif Investment is progressing well with the construction of the Fujairah Business Centre.
The group continued its focus in the education and healthcare sectors with MODUL University Dubai hosting its first graduation ceremony, while the University of Balamand Dubai welcomed students to the campus in the Dubai Investments Park for its first academic year in September 2018. The group also acquired a significant stake in Africa Crest Education Holding which is targeting the development of SABIS curriculum schools across Africa.
In the healthcare sector, King’s College Hospital Dubai, in which the group holds a 26.75 percent stake, opened a 100-bed, multi-specialty hospital in Dubai Hills Q1, 2019. The group also grew its healthcare portfolio through a 20 percent stake in Clemenceau Medical Centre which is due to open its facilities in Dubai Healthcare City in the second half of 2019.
In financial investments, Al Mal is in the process of establishing a mixed-use Real Estate Investment Trust, REIT, which will be listed on the financial market during Q2 2019. Dubai Investments is also finalising the launch of a DIFC-based wholesale Islamic Bank licenced from the Dubai Financial Services Authority.
The group also divested its 50 percent stake in Dubai International Driving Centre at a gain of AED21.1 million. It also assessed preliminary investor interest in a 30 percent private placement in Emicool.