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Dubai Holding division reports Dh14.15b profit

A unit of Dubai Holding on Thursday reported that profit last year almost doubled to $3.85 billion after it sold more land and property amid a real estate boom in the Gulf.

  • Reuters
  • Published: 00:30 May 2, 2008
  • Gulf News

London: A unit of Dubai Holding on Thursday reported that profit last year almost doubled to $3.85 billion after it sold more land and property amid a real estate boom in the Gulf.

Dubai Holding Commercial Operations Group, which includes property developers Tatweer, Sama Dubai and Dubai Properties, said net income rose to Dh14.15 billion ($3.85 billion) in the year to December 31 from Dh7.6 billion in 2006, according to a statement on the Dubai International Financial Exchange website.

Revenue from the sale of land surged almost eight-fold to Dh8.7 billion from Dh1.2 billion, while property sales generated Dh5.1 billion. Dubai Holding is capitalising on surging demand for property in the emirate, where the economy is booming on a six-fold increase in oil prices during the last six years.

Dubai Holding Commercial - which also includes hotel manager Jumeirah and Tecom Investments - competes with Emaar Properties, the largest Arab real estate company, and Nakheel, owned by the government of Dubai.

Comparison

Last year, Emaar's profit rose 3.5 per cent, and Nakheel's to Dh4.7 billion from Dh1 billion. Tecom owns a stake in du.

Under a European medium term note programme, Dubai Holding Commercial has sold Dh1 billion of bonds that mature this year, $500 million in 2012, 750 million euros ($1.17 billion) in 2014 and £500 million ($994 million) in 2017, according to its statement.

Revenue from the sale of land surged almost eightfold to Dh8.7 billion from Dh1.2 billion, while property sales generated Dh5.1 billion for the holding company.

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