- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 05:25 06:43 12:11 15:09 17:32 18:50
Dubai Investments (DI), an investment company listed on the Dubai Financial Market, has announced expansion plans across its diversified portfolio, which includes two new acquisitions worth Dh400 million.
The new acquisitions in the financial and real estate sectors, to be finalised soon, are expected to reinforce DI’s growth across its 40-plus subsidiaries and joint ventures, amidst surging trends and escalating investor confidence.
Emirates 24|7 had first reported in October 2014 that DI will be spending between Dh350 million and Dh400 million to acquire two companies in the UAE.
Read: Dubai Investments to spend Dh400m to acquire 2 firms
The new financial entity, with expertise in asset management, corporate advisory, debt raising and brokerage capabilities, will augment the company’s capabilities in the sector while the new real estate company will complement market leadership in the property domain.
The expansion plans come close on the heels of a successful 2014 for DI, which saw its operations across real estate, glass and construction materials’ manufacturing businesses achieving strong year-on-year growth.
Company Chief Executive Officer Khalid Bin Kalban 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 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, and Dh400 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, making it one of the biggest real estate players in UAE. The company has one of the largest land banks across the UAE, totaling nearly 30 million square feet gross floor area.
In 2014, the $300 million Sukuk for Dubai Investments Park Development Company was oversubscribed 13 times, while the company divested 66 per cent stake in its pharmaceutical subsidiary Globalpharma to Sanofi.
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