Dubai Investments company presented a project demonstrating its vision of creating integrated platforms that contribute to economic and social progress. Dubai Investments' main focus is on generating long-term value for shareholders, and the company's strategic diversification across various emirates and market segments underpins its commitment to risk reduction and portfolio sustainability. The company will continue to monetize its real estate within the framework of strategic objectives. The capital attributable to the company's shareholders is estimated at 13.58 billion dirhams compared to 13.46 billion dirhams on December 31, 2023.
Khalid Bin Kalban, Vice Chairman and Executive Director of Dubai Investments, noted: "Dubai Investments' financial indicators for the nine-month period ending September 30, 2024, reflect the Group’s strategic commitment to sustainable growth and prudent portfolio diversification. This success demonstrates the resilience and sustainability of the Group's core business operations."
Key business achievements include stable sales in the prospective Violet Tower project in the Jumeirah Village Circle area, where construction is progressing according to schedule and is expected to be completed by Q4 2026.
Following the results of the three-month period ending September 30, 2024, Dubai Investments PJSC reported a net profit after tax of 241.31 million dirhams, compared to 236.54 million dirhams for the comparable period of the previous year. Furthermore, the company announced a net profit after tax of 650.51 million dirhams for the nine-month period ending September 30, 2024.
It is important to note that the net profit attributable to shareholders for the current period increased by 80% and 78% respectively compared to the nine-month period ending September 30, 2024, and for the three-month period ending September 30, 2024, when compared to the fair value of the investment real estate.
The Group's assets increased to 21.81 billion dirhams as of September 30, 2024, compared to 21.44 billion dirhams on December 31, 2023. The company optimistically assesses the dynamics in the real estate sector and improved production of the investment portfolio. Additionally, the group, about Al Mal Capital REIT, owns five income-generating properties.
It is also worth noting that the Danah Bay project is actively progressing, with villas projected for completion in Q1 2025, followed by Beachfront Villas in Q3 2025 and Danah Bay Residential Tower in Q4 2026.
