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.

Read more:

600450 Dubai Investments raises Dh700m to expand Emirates Float Glass
Date: 31 October 2011

See more news about:

Others also read

DALLAS, Texas, December 22, 2011 /PRNewswire/ --ReportsnReports adds new market research report 'Solar Photovoltaic (PV) Power - Global Market Size, Installation Prices, Module Market Shares, Market Segmentation, Regulations and Key Country Analysis to 2020' to its store.
Proprietary laminate windows collect, store energy; convert it to electricityRIVIERA BEACH, FL – An innovative new patented technology transforms office building windows into "solar farms" and allows these structures to reuse collected energy and become self-sufficient in the event of a power outage.
The University of Minnesota's historic Folwell Hall completed three years of extensive renovation, just time for the 2011 academic year.
COLUMBUS, Ohio – Dec. 19, 2011 – Safelite AutoGlass®, the nation’s largest provider of vehicle glass repair and replacement services with a fleet of 6,000, announced it will transition to Ford®.
The renewal process for AAMA Corporate Members is now open. AAMA Corporate Membership is available to businesses involved in the manufacture, sale or service of fenestration products and is renewed on an annual basis.
Today designers and architects are looking to the hotel bathroom as the new frontier of the guestroom, turning what has long been a mostly functional space into a haven and means of escape.

Add new comment