UAE-based conglomerate Dubai Investments sees a net profit of about $140 million in the first half of 2010 and plans to expand in the Gulf region, its chief executive was quoted as saying.

Khalid bin Kalban told Arabic daily Al-Bayan that net profit would amount to 500 million dirhams ($136.1 million) in the first half of the year on growth beyond its traditionally UAE-focused market.

The company posted a 278 million dirhams profit in the first-quarter driven by improvements in financial and real estate activities.

According to its website, the company also plans to increase the number of subsidiary companies to 47 this year. It already has investments in companies such as Glass LLC, Dubai Investments Industries (DII), Dubai Investments Park (DIP), or DI Real Estate Company (DIRC), and plans expansion in new markets in the Gulf and to increase profit outside traditional markets.   

Kalban also told the paper that the company's total assets had reached 15 billion dirhams, which would reflect in its financial strength and help boost future growth.

In March, Dubai Investments said it was in talks to list its private equity arm, M'Sharie, on the Dubai Financial Market or Nasdaq Dubai within a year.

It said earlier it was also invited to manage investment parks in Jordan and Saudi Arabia. - Reuters