Dubai Investments Co should post second-quarter profit growth of 40 per cent compared to the same period last year, the company’s chief executive said on Wednesday.
Dubai Investments, the largest diversified holding company in the UAE by market value, made Dh292.12m in the second quarter of 2006. That would imply 2007 second-quarter profits of about Dh409m.
“We see 40 per cent growth in second-quarter profit compared to the second quarter of last year,” Khalid bin Kalban told reporters.
Dubai Investments posted a record quarterly profit for the first three months of the year, with net income surging 73 per cent compared to the year-earlier period.
Bin Kalban had said in April the company may post full-year profit-growth of at least 45 per cent. That would imply profit of Dh1.43bn, compared with Dh989m in 2006.
The company also plans to invest at least Dh1bn ($272.3m) in Abu Dhabi’s industrial sector by the end of 2008, Kalban said.
“We have already invested Dh1bn in Abu Dhabi and we are looking to invest another Dh1bn before the end of 2008 in the Industrial City,” he said.
“We are in discussions with the Industrial City of Abu Dhabi (Icad) to bring in three or four existing factories, fully-owned by Dubai Investments. There are a lot of opportunities for industrial growth in Abu Dhabi.”
The government-owned Industrial City of Abu Dhabi is seeking to draw factories to the emirate to diversify its economy away from oil. Source
Dubai Investments, the largest diversified holding company in the UAE by market value, made Dh292.12m in the second quarter of 2006. That would imply 2007 second-quarter profits of about Dh409m.
“We see 40 per cent growth in second-quarter profit compared to the second quarter of last year,” Khalid bin Kalban told reporters.
Dubai Investments posted a record quarterly profit for the first three months of the year, with net income surging 73 per cent compared to the year-earlier period.
Bin Kalban had said in April the company may post full-year profit-growth of at least 45 per cent. That would imply profit of Dh1.43bn, compared with Dh989m in 2006.
The company also plans to invest at least Dh1bn ($272.3m) in Abu Dhabi’s industrial sector by the end of 2008, Kalban said.
“We have already invested Dh1bn in Abu Dhabi and we are looking to invest another Dh1bn before the end of 2008 in the Industrial City,” he said.
“We are in discussions with the Industrial City of Abu Dhabi (Icad) to bring in three or four existing factories, fully-owned by Dubai Investments. There are a lot of opportunities for industrial growth in Abu Dhabi.”
The government-owned Industrial City of Abu Dhabi is seeking to draw factories to the emirate to diversify its economy away from oil. Source
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