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Friday, 15 May 2009

Dubai Holding profits drop

Sheikh Mohammed bin Rashid Al Maktoum, Prime M...Image via Wikipedia

Dubai Holding Commercial Operations Group, the investment company owned by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, reported a 29 per cent fall in profits for last year as it booked impairment charges on its property interests.

The charges were recorded “due to the overall downturn in global market conditions and the uncertainty associated with the future profitability of certain projects”, the company said in a statement to NASDAQ Dubai.

Dubai Holding has interests in property, industry, aerospace and investments, and includes: Tatweer, the developer of Dubailand; the Jumeirah hospitality group; and the private equity specialist Dubai International Capital. It was established to execute the economic agenda of the emirate and diversify away from oil. It owns 250 companies and has a network of offices in overseas cities including Chicago, Frankfurt, Tokyo and Shanghai.

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