DI acquires 20pc more stake in Properties Investments
DUBAI, March 28, 2016
Dubai Investments, a leading, diversified investments conglomerate listed on the Dubai Financial Market, has acquired a 20 per cent additional stake in Properties Investments (PI), a joint venture of Dubai Investments and Union Properties, for Dh98 million ($26.6 million).
With the new acquisition, Dubai Investments will hold a majority 70 per cent stake in PI, said a statement.
The additional stake is aimed at consolidating PI’s operational efficiency and broadening its real estate and investment portfolio.
Khalid Bin Kalban, managing director and chief executive officer of Dubai Investments, said: “Dubai Investments’ stake increase in Properties Investments is focused on leveraging the company’s expertise in the UAE real estate sector.
"In spite of challenging macro-economic conditions, we are optimistic of the real estate sector’s long-term growth potential and Properties Investments’ ability to execute iconic projects.”
“Properties Investments is well positioned for growth in the near future, with new projects in the pipeline amidst an anticipated pent-up demand for the real estate sector in the wake of Expo 2020 and other infrastructural developments,” he added. - TradeArabia News Service
