Dubai Investments has posted net profit of AED 455.6 million ($123 million) for the first nine months of 2021, an increase of nine percent as 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 also 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, “The results for the first nine months of 2021 have demonstrated resilience of our business model and is a result of strong performance across all segments, as we remain focused on our strategy of growth and expansion.”
The Group recently announced its new venture in the emirate of Ras Al Khaimah, a mixed-use beachfront and residential development worth AED 1bn, which is aimed at unlocking potential and enhancing the underlying portfolio to deliver consistent and sustainable returns to shareholders, the company said in a statement.
Investment Corporation of Dubai, the emirate’s sovereign wealth fund, holds 11.5 percent stake in Dubai Investments.