Dubai Investments PJSC, one of the largest investment companies listed on the Dubai Financial Market, said it had posted a solid three months ended 30 September 2024 performance, with net profit after tax attributable to shareholders of AED 241.31 million. This works out to AED 236.54 million, compared with the record of corresponding period in 2023. Net profit attributable to the shareholders for the nine months ending 30th September, 2024 was at AED 650.51 million. With the adjustments for one-time gain on fair valuation of investment properties, net profits for both three month as well as nine month periods are at 80% and 78%, respectively.
PC: Dubai Investments
Total assets have also recorded growth rising to AED 21.81 billion as of September 30, 2024, compared to the balance as of 31 December 2023 at AED 21.44 billion. Equity attributable to shareholders rises to AED 13.58 billion from AED 13.46 billion at the end of 2023.
Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments, said that this strong result of the group would be ascribed to commitment to sustainable growth and diversified investments. “Dubai Investments’ financial performance for the nine-month period ending September 30, 2024, reflects the Group’s strategic commitment to sustainable growth and thoughtful portfolio diversification. This achievement is a testament to the hardiness and resilience of the core business operations of the Group.” said Bin Kalban. Bin Kalban stated that he is positive that the real estate sector will continue to gain momentum ahead, aligning well with the overall strategy of the group in terms of investment portfolio.
Key Developments on the Real Estate Portfolio
Dubai Investments has achieved much regarding its real estate projects. Off-plan sales for the Violet Tower in Jumeirah Village Circle have been quite robust; construction is scheduled to be completed by Q4, 2026. Danah Bay also goes well, with completions of villas by Q1, 2025, Beachfront Villas by Q3, 2025, and Danah Bay Residential Tower by Q4, 2026. Al Mal Capital REIT, part of Dubai Investments, currently owns five income-generating assets that further strengthen the Group’s property portfolio and support its stream of sustainable revenue.
Expansion Strategy and Geographical Diversification
Apart from its investments in the UAE, Dubai Investments is expanding Internationally. The Group commenced construction on DIP Angola-a large mixed-use economic zone in Africa. This project is part of Dubai Investments’ policy in building integrated economic hubs that stimulate economic and social development and falls under the diversified strategy of the Group.
Long-term shareholder value and diversification across diverse markets remain the primary focus for Dubai Investments. The Group has ensured prudent risk management, using forward-looking strategies to reinforce the resilience of its portfolio in line with growth and shareholder returns objectives.
