Khalid Bin Kalban, Vice Chairman and Chief Executive Officer of Dubai Investments, confirmed that the company delivered strong performance in 2024 with a net profit of AED 1.3 billion, marking a 21% growth. This was driven by economic diversification and investments across multiple sectors, with total assets exceeding AED 22 billion.
Bin Kalban revealed that the company is preparing to divest from four of its subsidiaries—two of which are ready for listing, while the other two are currently undergoing expansion and development to reach a target market valuation of no less than USD 500 million each, ensuring proper market readiness.
He noted that real estate remains the company’s core sector, comprising 71% of total assets. Major projects include a tower in Jumeirah Circle valued at USD 150 million, a two-phase project in Mirdif worth AED 500 million, twin towers in Meydan valued at AED 700 million, and the Dana Bay project in Ras Al Khaimah, which includes 200 villas—130 of which have already been delivered, with the rest scheduled for handover between June and September 2025.
The company is also expanding in the industrial and healthcare sectors. It owns over 20 industrial firms, with plans to grow production capacity domestically and internationally. Ongoing projects include a AED 150 million expansion of the Emirates Float Glass factory in Abu Dhabi, a SAR 60 million investment in the Saudi American Glass Company, and a new pharmaceutical venture in Angola under “Globalpharma” to meet African market demand.
In healthcare, Dubai Investments is increasing capital to acquire a new hospital valued at AED 3 million and expanding King’s College Hospital, with the deal expected to be finalized in the coming months.
In response to new corporate tax regulations, the company conducted a comprehensive asset revaluation, bringing total asset value to AED 22 billion—up from AED 14 billion previously recorded on the books. This increase has not yet been reflected in consolidated financial results, as the value resides within the parent company.
Bin Kalban emphasized that UAE and Gulf markets have demonstrated significant resilience and stability. The company is pursuing a phased, strategic divestment plan to unlock new investment opportunities for current and future shareholders.
Dubai Investments also announced a cash dividend of 18%—valued at AED 765.36 million—for the fiscal year ending December 31, 2024, approved during its 29th Annual General Meeting. The group reaffirmed its strategic focus on long-term value creation through growth and operational excellence and adopted a new dividend policy aligned with best governance practices.
Regarding the impact of U.S. tariffs, Bin Kalban stated that there is currently limited effect on UAE and Gulf businesses, as the tariffs mainly target specific goods and most others remain subject to typical duties of around 10%. However, depending on future developments, these tariffs could either increase competition or create new opportunities for Gulf-based manufacturers to gain market share. He concluded that the overall impact is likely to be limited and temporary, with potential flexibility in future U.S. policy.
Source: Albayan Newspaper