Dubai Investments Co (DIC), the UAE's largest diversified holding company, said it is planning a real estate project in Ajman worth more than Dh10 billion ($2.72 billion), according to a local report on Wednesday.
The company's subsidiary Dubai Investments Real Estate Company plans to increase investments to at least Dh20 billion ($5.5 billion) in the next five years from Dh3 billion ($821.9 million) now, Chief Executive Khalid Bin Kalban was quoted by a local daily as saying.
"We are looking at projects of not less than Dh20 billion in the coming five years. Half of that will be a project in Ajman," he told the paper. Kalban gave no details of the project.
The firm will post a growth of more than 50 per cent in fourth-quarter profit to possibly the second-highest quarter on record, spurred by higher income from property projects, Kalban told Reuters on Sunday.
Dubai Investments shares surged more than 39 per cent last year but have lost 12.66 per cent this year.
They plunged 11.85 per cent on Tuesday when Dubai's main index fell 6.21 per cent, its sharpest one-day decline since March 2006, in selling triggered a tumble in global equity markets and fears of a US economic downturn. (Reuters)
Dubai Investments eye $2.7bn Ajman project