Dubai: Dubai Investments, which has interests spanning manufacturing to real estate development, joins the roster of local listed companies to recently raise the extent of equity that can be held by foreign owners. The 18th annual general meeting held late on Tuesday gave the go ahead for raising the stake allowed to 35 per cent from 20 per cent.
Just a few days ago, the developer Deyaar formally lifted the threshold in it to 25 per cent. The counters of both Deyaar and Dubai Investments on the local bourse have been quite busy in recent weeks as investors factored in the raising of stake for foreign ownership. Now that the AGM has given formal approval, it is likely to raise the pitch further.
Also, at the Dubai Investments’ AGM, approval was granted to issue a 7 per cent cash dividend as well as 7 per cent bonus shares for 2013. Last year, net revenues were Dh2.8 billion against Dh2.3 billion (restated) in 2012, while net profit attributable to shareholders was Dh822 million compared to Dh321 million.
Significant returns
“We are actively working on certain divestments as well as new acquisitions, which are expected to contribute significant returns to the shareholders,” said Sohail Faris Ganem Al Mazroui, chairman. “The outlook for 2014 is very positive with economic indicators pointing to growth across all sectors, led by an upswing in the real estate sector — particularly in companies engaged in the manufacturing of construction materials, which remains one of our key focus areas at Dubai Investments.
“We have a strong thrust in developing our real estate portfolio during the year.”
Around 67 per cent of the total asset base is in the property sector. The plan is to develop its land bank of nearly 25 million square feet of gross floor area, owned by its subsidiaries.
