GGICO approves sale of land plot

Abu Dhabi: Gulf General Investment Co (GGICO) announced on Sunday that it has approved the sale of a land plot in the area of Um Al Nahed to Grand Hills LLC for a total of Dh60 million.

The decision came after the company received three bids from three potential buyers, and chose the best offer. The transaction took place on March 12, 2013, and GGICO’s profit share as a result was Dh3 million, which were reflected in 2013 fourth quarter results.