#Dubai Investments posts $124mln net profit for nine months | ZAWYA MENA Edition

Dubai Investments posts $124mln net profit for nine months | ZAWYA MENA Edition

Dubai Investments has reported a net profit of AED 455.6 million ($124 million) for the period ending September 30, 2021, an increase of 9 percent, compared to AED 418.1 million for the same period last year.

The Dubai Financial Market (DFM)-listed firm will increasingly focus on the real estate market due to demand in the sector, its CEO Khalid Bin Kalban said.

Total Income of Dubai Investments, which owns Dubai Investments Park, district cooling company Emicool and Al Mal Capital, increased to AED 2.6 billion from AED 1.9 billion for the first nine months of the year.

Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments said: "After careful evaluation and in line with the market trends, the Group is channelising resources towards strengthening its foothold in the real estate market, especially with the improved sentiment and demand within the sector from both local and international markets."

Last month, Dubai Investments signed a deal with Ras Al Khaimah's master developer Marjan to acquire land to develop a mixed-use beachfront and residential development worth AED 1 billion.

Investment Corporation of Dubai, the emirate's sovereign wealth fund, holds 11.5 percent stake in Dubai Investments.