Dubai: Shareholders of Dubai Investments will get an 8 per cent dividend payout, which will total Dh340.16 million. This comes after the developer of industrial parks and mixed-use developments saw a sizeable drop in net profit to Dh273.13 million from Dh533.45 million in 2019.
The lower numbers were “mainly” due to losses incurred on fair valuation of its investment properties. That compares with a valuation gain the year before. Also missing from the 2020 numbers was a one-off gain from the acquisition of a controlling stake in a subsidiary.
Dubai Investments saw its total income for the year at Dh2.67 billion, a slight decline from the Dh2.88 billion a year before. There were declines in rental income - to total Dh857 million - for the operator of the Dubai Investments Park. But it was compensated by higher returns from sale of properties – Dh293.07 million against Dh40.14 million in 2019.
The Dubai’s Financial Market gained 0.16 per cemt during the morning session, with financials leading the way, according to Kaia Parv, Head of Investment Research at FXPRIMUS. "Dubai Islamic Bank has risen 0.06 per cent, while International Financial Advisors is up 0.05 per cent.
"The Abu Dhabi benchmark index rose 0.26 per cent Thursday morning. United Arab Bank, one of the largest in the UAE in terms of capitalization, jumped 13.6 per cent, echoing the global appetite towards bank shares."