One of the leading, diversified investment companies in the region, Dubai Investments, has reported a net profit of $55.8 million for the first half ending June 30, 2020, compared to $96.11 million for the same period last year.
A one-off gain on an acquisition transaction in the prior period and the impact of COVID-19 has been attributed to the sharp decline in net profits.
Khalid Bin Kalban Vice Chairman and CEO Dubai Investments
“The results for the first half of the year is an indication of our resilience in these unprecedented and taxing times. Dubai Investments’ strategy of diversification coupled with a robust business model has been instrumental in successfully facing down the challenges raised by the spread of COVID-19 pandemic.
“We have been carefully reviewing our cost structure with an eye on optimization whilst continuing with our efforts aimed at sustained long-term growth. The Group is focused on being adaptable and flexible in the current environment and is geared up to take advantage of opportunities that come our way.”
Dubai Investments
Dubai Investments was set up in 1995 and has investments in various sectors including real estate, industrial, financial, healthcare and education.
Dubai Government’s principal investment arm, Investment Corporation of Dubai (ICD) holds an 11.54 percent stake in the unit which owns assets such as Dubai Investments Park, venture capital company Masharie, Al Mal Capital and the district cooling company Emicool.
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