Dubai Investments PJSC raises foreign ownership cap to 35%

Company announces 7% cash dividend and 7% bonus shares at AGM; Future outlook very positive with strong focus on real estate sector        Dubai Investments PJSC [DI], the largest investment company listed on the Dubai Financial Market [DFM], has raised the foreign ownership limit in the company’s shares from the existing 20% to 35%.

A proposal to this effect was approved at the 18th Annual General Meeting and Extraordinary General Meeting at Dubai Investments House on Wednesday [April 22].

The company also approved a proposal to distribute 7% cash dividend and 7% bonus shares for the year ending December 31, 2013.

The AGM also re-elected the same Board of Directors for a term of three years. The Board includes Sohail Faris Ghanim Al Mazrui, Hussain Mahyoob Sultan Al Junaidy, Khalid Jassim Bin Kalban, Ali Fardan Ali Al Fardan and Mohamed Saif Darwish Al Ketbi.

In his keynote address at the AGM, Mr Al Mazrui spoke about the strong growth achieved by DI in 2013, and the promising outlook for 2014. “Dubai Investments has registered fast-paced growth over the years with a strategic focus across three industry sectors – property, manufacturing & contracting, and investments, and aims to add value to its diversified portfolio through prudent use of capital and sound management skills,” Al Mazrui said.

Around 67% of DI’s total asset base is in the property sector which positions DI as a major real estate player in the UAE. DI plans to develop its land bank of nearly 25 million square feet of Gross Floor Area, owned by its subsidiaries Dubai Investments Park Development Co. LLC, Dubai Investments Real Estate Company LLC, Al Taif Investments LLC and Properties Investments LLC, a joint venture company.

DI’s manufacturing businesses have also witnessed a strong growth thrust across a wide array of manufacturing and processing industries. DI’s investment portfolio of AED 1.06 billion, comprising investment in trading shares, bonds, structured products and other minority investments, have also realized gains over the years.

During 2013, DI’s net revenue was AED 2.8 billion as against AED 2.3 billion (restated) in 2012, an increase of 22%. Net profit attributable to shareholders was AED 822 million compared to AED 321 million in 2012, an increase of 156%. Total assets of the Group as on December 31, 2013 stood at AED 12.62 billion compared to AED 12.36 billion (restated) at 31 December 2012.

Presenting the future prospects, Al Mazrui said: “The outlook for 2014 is very positive with economic indicators pointing to growth across all sectors, led by an upswing in the real estate sector – particularly in companies engaged in the manufacturing of construction materials, which remains one of our key focus areas at Dubai Investments. We have a strong thrust in developing our real estate portfolio during the year. We are also actively working on certain divestments as well as new acquisitions, which are expected to contribute significant returns to the shareholders.”

600450 Dubai Investments PJSC raises foreign ownership cap to 35%
Date: 25 April 2014

See more news about:

Others also read

For overview analysis, the report introduces Fire Glass basic information including definition, classification, application, industry chain structure, industry overview, policy analysis, and news analysis, etc   Browse Full Report With TOC @ international and China market analysis, the report analyzes Fire Glass markets in China and other countries or regions (such as US, Europe, Japan, etc) by presenting research on global products of different types and applications developments and trends of market, technology, and competitive landscape, and leading suppliers and countries’ 2009-2014 capacity, production, cost, price, profit, production value, and gross margin.
Dubai Investments (DI) CEO Khalid Bin Kalban has revealed that the Company seeks to examine several expansion opportunities in 2015.
This report was created for strategic planners, international executives and import/export managers who are concerned with the market for nonwired glass sheets of float glass and surface ground or polished glass.
New Business to Support Company's Growing Presence in East and Central African Markets - H.B. Fuller Company (NYSE: FUL) announced today that it has signed an agreement to purchase Continental Products Limited, a provider of industrial adhesives in East and Central Africa.
"Opportunity in the Indian Glass Market - 2014 : Market size, Market share, Market landscape, Market trend analysis, Growth drivers, Future opportunity, Future forecast" provides an insight into the Indian Glass current market scenario, structure and practices.
Coinciding with the fulfillment of the ARTESUN project´s first year (November), the third Project Meeting took place at Corning headquarters in Avon, France    Funded by the European Comission through its Seventh Framework Programme, ARTESUN Project aims to develop organic photovoltaic solar cells (OPV) through the implementation of three full-scale prototypes.

Add new comment