Dubai: Dubai Investments said on Tuesday its net profit rose 2 per cent in the first half of the year to June, to reach Dh491 million, compared to Dh480 million for the same period last year.

Total income during the January-June period stood at Dh1.58 billion compared to Dh1.28 billion for the same period last year.

“Dubai Investments registered steady growth in its financial results during the first half of 2018. The increase in total income, net profit and total assets is quite encouraging given the challenging economic environment and has been driven mainly by strategic acquisition of Emicool,” Khalid Bin Kalban, Managing Director and CEO of Dubai Investments, said in a statement.

The annualised return on equity for the period was 8.34 per cent, while total assets as of June 2018 rose to Dh19.04 billion.

Dubai Investments is working on the development of several real estate projects such as Mirdif Hills, Green Community DIP — Phase 3 and Fujairah Business Centre.

Further, the company is progressing towards its diversification strategy and various proposals related to education, health care, leisure activities and financial services are being assessed and evaluated.

Dubai Investments subsidiary Al Mal Capital is working with regulators for launching a mixed-use Real Estate Investment Trust (REIT), which will be listed on the DFM before end of the year.

“These initiatives will ensure sustainability of growth and enhance value to shareholders,” Kalban said.