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.