Dubai Investments raises foreign ownership cap to 35%

Dubai (WAM): Dubai Investments, DI, has raised the foreign ownership limit in the company from the existing 20% to 35%. A proposal to this effect was approved at yesterday's 18th Annual General Meeting and Extraordinary General Meeting at Dubai Investments House. The company also approved a proposal to distribute 7% cash dividend and 7% bonus shares for the year ending December 31st, 2013. The AGM also re-elected the same Board of Directors for a term of three years. The Board includes Sohail Faris Ghanim Al Mazrui, Hussain Mahyoob Sultan Al Junaidy, Khalid Jassim bin Kalban, Ali Fardan Ali Al Fardan and Mohamed Saif Darwish Al Ketbi. In his keynote address at the AGM, Mr. Al Mazrui spoke about the strong growth achieved by DI in 2013, and the promising outlook for 2014. "Dubai Investments has registered fast-paced growth over the years with a strategic focus across three industry sectors - property, manufacturing and contracting, and investments, and aims to add value to its diversified portfolio through prudent use of capital and sound management skills," Al Mazrui said. Around 67% of DI's total asset base is in the property sector which positions DI as a major real estate player in the UAE. DI plans to develop its land bank of nearly 25 million square feet of Gross Floor Area owned by its subsidiaries Dubai Investments Park Development Co. LLC, Dubai Investments Real Estate Company LLC, Al Taif Investments LLC and Properties Investments LLC, a joint venture company. DI's manufacturing businesses have also witnessed a strong growth thrust across a wide array of manufacturing and processing industries. DI's investment portfolio of Dh 1.06 billion, comprising investment in trading shares, bonds, structured products and other minority investments, have also realised gains over the years. During 2013, DI's net revenue was Dh 2.8 billion as against Dh 2.3 billion (restated) in 2012, an increase of 22%. Net profit attributable to shareholders was Dh 822 million compared to Dh 321 million in 2012, an increase of 156%. Total assets of the Group as on December 31st, 2013 stood at Dh 12.62 billion compared to Dh 12.36 billion (restated) at 31st December 2012. Presenting future prospects, Al Mazrui said, "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. We are also actively working on certain divestments as well as new acquisitions, which are expected to contribute significant returns to the shareholders." – Emirates News Agency, WAM