Dubai Investments to enter Africa

Dubai Investments said on Wednesday it plans to enter new markets in Africa and the Gulf region, as it reported a 6.5 per cent rise in first-quarter net profit.

“Several new investment proposals are currently under evaluation, with some of them in advanced stages of negotiations,” Khalid bin Kalban, the firm’s chief executive, said in a statement.

Kalban said the firm was targeting diversified sectors such as financial services, education, healthcare and energy.

It already announced in February it would acquire a 60 percent stake in Al Mal Capital but did not disclose the deal value.

This transaction was one of two deals that Kalban said in January the firm was close to completing worth a combined value of 400 million dirhams ($109 million). The other acquisition is expected to be in the real estate sector.

Dubai Investments also said on Wednesday it increased its stake in Emirates Float Glass by 20.15 per cent, bringing its total ownership to 87.43 per cent.

Dubai Investments made a net profit of 282 million dirhams ($76.8 million) in the three months to March 31, it said in the statement, up from 265 million dirhams in the corresponding period of 2014.

“The company’s real estate and manufacturing businesses have witnessed positive trends, and both the sectors are expected to continue the growth trajectory through the year,” Kalban said without elaborating.

Its total assets at the end of March rose to 14.67 billion dirhams from 13.2 billion dirhams at the same point of 2014, according to the statement.

Dubai Investments, in which sovereign fund Investment Corp of Dubai owns an 11.5 percent stake, plans to float at least one subsidiary in 2016 and could also divest other holdings, Kalban said in March.-Reuters