Dubai: Investment conglomerate Dubai Holding on Saturday attributed revenue growth in 2016 to “good operational progress” across all its businesses, especially highlighting performance in Jumeirah Group.
The non-listed holding company on Saturday reported Dh16.8 billion in revenues for 2016, marking a 16 per cent increase from the Dh14.5 billion recorded in 2015. Profits also rose, with net profit at Dh6.32 billion in 2016 — up 8 per cent year-on-year.
In a statement, Dubai Holding said Jumeirah Group is expected to continue global expansion this year, having signed management contracts for hotels in Turkey and China. The group currently owns and managed 21 hotels and resorts in eight countries.
Meanwhile, across Dubai Holding’s real estate portfolio, Dubai Properties last year announced it would invest over Dh1 billion into the launch of Marasi Business Bay featuring the region’s first water homes. The company also developed nine kilometres of Dubai Water Canal’s first phase, and launched five new projects.
Its commercial and residential leasing units saw occupancy rates of 90 per cent, the Dubai Holding statement said, while Dubai Properties’ facilities management business saw 8 per cent growth backed by expansion in Abu Dhabi.
Meanwhile, Dubai Holding strengthened its industrial portfolio in 2016, with the launch of Dubai Wholesale City, which will span over 550 million square feet with an expected development cost of Dh30 billion.
In late January 2017, Dubai Holding said it will repay the entire outstanding amount, along with interest, of its 500 million British pound bond that matured on February 1, 2017. The bond repayment, which was fully made from Dubai Holding’s internal resources, leaves the company with no outstanding public debt.