Dubai: The logistics park developer and operator, Dubai Investments, saw a sharp erosion in its first-half 2024 profit after tax, at Dh401.46 million from Dh550.5 million a year ago. Last year’s tally was boosted by a one-off gain from fair valuation of its investment properties.
Dubai Investments’ total income for the period was flat, at dh2.03 billion. The company currently has projects in Ras Al Khaimah and, more recently, picked a major win in Angola.
“We expect significant progress on construction of Phase 1 of Danah Bay project in Ras Al Khaimah by year-end 2024,” said Khalid Bin Kalban, Vice-Chairman and CEO of Dubai Investments.
It had launched the Violet Tower at Jumeirah Village Circle in Q1-2024. “The group’s success across the quarters is attributed to the buoyant property sector and complemented by the excellent performance of investment portfolio,” said Bin Kalban.
Also, Al Mal Capital REIT acquired 100 per cent of Carnation Education llc, which holds the properties of Kent College in Dubai. This acquisition marks a ‘crucial development and broadening’ of the real estate fund’s investment strategy. (The fund’s parent company, Al Mal, is part of the Dubai Investment portfolio.)
“Dubai Investments remains optimistic about maintaining its robust performance through the rest of 2024,” said Bin Kalban. “The froup is keen on further strengthening its market leadership by continuing to focus on key real estate projects and broadening its investment footprint across regional and international markets.
“This approach is anticipated to solidify the Group's standing as a pivotal player in driving economic growth.”
