Dubai Investments, a leading diversified investment company based in UAE, has registered a net profit of AED314.5 ($86 million) for the first three months of the year, up 55% over the last year's figure of AED202.6 million ($55.2 million).

 

Announcing the financial results for the three-month period ended March 31, 2023, Dubai Investments said the total income for the group increased to AED1.02 billion from AED761.04 million last year, thus registering an increase of 34%. 

 

Total shareholder equity also increased to AED13.16 billion, compared to AED12.28 billion in Q1 2022. Total assets for the group remained stable at AED20.96 billion, it stated.

 

On its key performance, Vice Chairman and CEO Khalid Bin Kalban said: "Dubai Investments continues to deliver strong and sustainable results fueled by the group’s strategic initiatives and ability to capitalize on key opportunities. The response to Danah Bay, our premium beachfront development in the emirate of Ras Al Khaimah, has exceeded all expectations and we are looking forward to launching the next phase."

 

"We are also progressing well with our expansion into other geographies and enhancing internal capabilities while building on existing businesses," stated Bin Kalban. 

 

"With the economy experiencing robust growth and strong upward trajectory in the real estate sector, Dubai Investments is strategically positioned to capitalize on these favorable conditions," he added.-TradeArabia News Service