Dubai Investments raises Dh700m to expand Emirates Float Glass

Date: 31 October 2011
Third-quarter profit likely to be Dh30m; investment in India planned It will be used for acquisitions in the regionDubai: Dubai Investments, the Dubai Financial Market listed holding company that owns more than 40 companies with interests in manufacturing, real estate and financial services, said yesterday that it has completed raising Dh700 million from banks to fund the expansion of Emirates Float Glass."We have secured Dh700 million of the planned Dh1.2 billion loan.

The loan is for the Emirates Float Glass project in Abu Dhabi and the remaining amount will be raised from banks when the project requires funds," Khalid Bin Kalban, managing director and chief executive officer of Dubai Investments, told reporters yesterday.

Kalban said the year has been difficult for the company with its financial investments taking a big hit and many of its property portfolios facing revaluations, resulting in reduced profits. The company said it was also forced to take larger provisions this year as a result of non-payment by clients.

The company expects its third quarter profit to be near Dh30 million compared to Dh213.61 million in the same period last year. Profit for first nine months ending September 30 is expected to be Dh270 million.

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