Dubai Investments' 2022 profit soars to Dh1.6b helped by stake sale in Emirates District Cooling

Dubai: Dubai Investments, the company behind industrial parks and upscale resort projects, has seen its 2022 net profit zoom to Dh1.6 billion compared to Dh619.4 million a year ago.

The sharp profit gain came about from selling its controlling stake in Emirates District Cooling, the district cooling firm, for Dh980.42 million. This includes the fair value gain on retained investment in the entity.

Revenues for 2022 tallied Dh4.12 billion, against Dh3.41 billion a year ago, while assets as of end December were Dh20.42 billion, a dip from Dh21.77 billion.

Dubai Investments has in the recent past been busy across multiple frontws, not least with a Dh1 billion project in Ras Al Khaimah to build a resort – Danah Bay – on Marjan Island. The project represents the Dubai company’s biggest capex in recent times.

Also, this year, Dubai Investments spread its wings further into financial services, through picking up 9 per cent in UK digital bank Monument.