Dubai Investments to complete $300bn sukuk soonon May 12, 2013
Dubai Investments Company, the quoted investment firm whose portfolio includes the Dubai Investments Park and private equity investor Masharie, has said that the $300m (AED: 1.1bn) sukuk it is planning to raise should be finalised "in the coming quarter".
The firm's CEO, Khalid Kalban, said that it expected to finalise the deal after announcing a 97% increase in first qoarter profits to $29.1m (AED: 107m). Revenues also increased by 17% to $176.7m (AED: 649m), while the firm's net worth grew to $2.4bn (AED: 8.7bn).
“We are delighted to deliver solid growth in our Q1 profits," he said. "All sectors of our business are contributing, with real estate doing exceptionally well. The market sentiment is upbeat with overall growth in the economy providing good prospects for our diversified business base. We are closely monitoring the developments in the marketplace with a view to capitalize on available opportunities."
He added that the firm was "very excited" about its prospects for 2013 and said it was actively working on selling some assets.
- UAE to raise fuel prices by around 10% in May
- GCC-wide VAT won’t balance drop in oil revenues
- Qatar: UDC sells residential plot at Viva Bahriya
- Saudi's Vision 2030 aims to double hotel sector
- Qatar: Tarsheed campaign leads to $219m in savings
- Developers will be 'choosy' amidst uncertainties
- Saudi Arabia's KAFD plans set to be revived
- Dubai: 25% buildings to be 3D printed by 2030
- GEMS raised $250m to build new schools in the Gulf
- RATP Dev, Zain Capital form transport JV for UAE