Kalban … expansion plans.
Dubai Investments plans $108m acquisitions
DUBAI, 1 days ago
Dubai Investments (DI), a leading investment company listed on the Dubai Financial Market, has announced expansion plans across its diversified portfolio, which include two new acquisitions worth Dh400 million ($108 million).
The new acquisitions in the financial and real estate sectors, to be finalised soon, are expected to reinforce Dubai Investments’ robust growth across its 40-plus subsidiaries and joint ventures, amidst surging trends and escalating investor confidence.
The new financial entity, with expertise in asset management, corporate advisory, debt raising and brokerage capabilities, will augment DI’s capabilities in the sector while the new real estate company will complement DI’s market leadership in the property domain.
The expansion plans come close on the heels of a successful 2014 for Dubai Investments, which saw its operations across real estate, glass and construction materials’ manufacturing businesses achieving strong year-on-year growth.
Khalid Bin Kalban, managing director and CEO of Dubai Investments, said: “We are eyeing expansion across our group portfolio and our new acquisitions are in line with this. The financial service company is a right fit for us and perfectly complements our model. The new real estate company will be a great addition to our portfolio, and contribute to our growth amidst the current upswing in the sector.”
He added: “2014 has been a great year for DI’s business growth. The real estate industry has always been a key driving force for the UAE’s economy and the unprecedented demand in the sector benefited DI immensely, given our wide presence across the entire spectrum of the industry. We are confident that the current demand in the sector will continue in the foreseeable future and we are geared to cater to the required capacity.”
During 2014, DI unveiled a number of real estate projects – including the Mirdif Hills project, a mixed-use residential, commercial and retail development in Dubai, as also the Dh400 million ($108 million) Fujairah Business Centre project, being developed by its subsidiary Al Taif Investment.
Over 67 per cent of DI’s asset base is in the real estate sector and is currently worth over Dh8.2 billion ($2.2 billion) – making DI one of the biggest real estate players in the UAE. DI also has one of the largest land banks across the UAE, totalling nearly 30 million sq ft gross floor area (GFA).
The year also marked a step-change for 18 subsidiaries of Dubai Investments involved in the manufacturing of building materials and construction products – which won significant orders and project wins across the UAE and the broader Gulf region.
Other significant milestones for DI in 2014 included the $300 million sukuk for Dubai Investments Park Development Company, which was oversubscribed 13 times. DI also divested 66 per cent stake in its pharmaceutical subsidiary Globalpharma to Sanofi during the year. – TradeArabia News service
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