Outstanding Q1 2024 Results Recorded From Dubai Investments

Dubai Investments, a prominent diversified investment firm listed on the Dubai Financial Market, has disclosed a net profit attributable to shareholders after tax of AED 119.96 million for the first quarter of 2024. This figure marks a notable contrast from the AED 314.44 million recorded in the same period last year. However, after excluding the one-off gain from the fair valuation of investment properties in 2023, the Group's profit for the first quarter of 2024 has seen a substantial surge of 90%. This impressive growth is largely credited to the robust performance of the property sector. The sector exhibited resilience, generating significant revenue from property sales. Additionally, the investment portfolio made substantial contributions, further fortifying revenue streams. The Group's overall operational advancement across diverse business segments also played a pivotal role in enhancing profitability. Total income for the period amounted to AED 791.88 million, in contrast to AED 1.01 billion reported for the same period last year. Meanwhile, total assets remained stable at AED 21.46 billion.

Khalid Bin Kalban, Vice Chairman and CEO, Dubai Investments said, “The Group is pleased to have started the year with a robust set of Q1 results. These results demonstrate the upward trajectory and long-term growth drivers within the real estate market, which support Dubai’s Investments strategic initiatives that focus on investing in growth opportunities. Despite some ongoing volatility regionally, macroeconomics has shown resilience and the Group’s robust performance and a strong pipeline of real estate projects have yielded tangible results.”

“The Danah Bay project on Al Marjan Island in Ras Al Khaimah continues to witness robust demand, with steady construction progress. The recent launch of the Violet Tower project further underscores the buoyancy in the residential sector. In addition to these milestones, the successful completion of the Al Mal Capital REIT rights issue further underscores the Group’s commitment to strategic investments. Under the Group’s strategy, Dubai Investments will continue to target investments in sectors and assets with long-term growth drivers that will deliver value for shareholders”, added Kalban.

Future Prospects

Looking ahead, Dubai Investments foresees the continuation of this positive momentum throughout 2024, primarily driven by robust growth in the real estate sector. Maintaining a strategic focus on executing key real estate projects initiated in 2023, the company remains steadfast in its commitment to delivering enhanced value for shareholders. Dubai Investments' dedication to prudent portfolio growth and strategic asset expansion remains firm. This commitment is exemplified by the forthcoming launch of DIP Angola, which promises infrastructure development and economic growth in Africa. Bolstered by strong investor confidence and market support, Dubai Investments navigates 2024 with agility, unwavering in its pursuit of delivering sustained growth and value across core markets, both regionally and internationally.