Dubai, United Arab Emirates, 18 April 2019: Dubai Investments PJSC [DFM: DIC], the leading diversified investments conglomerate listed on the Dubai Financial Market, has decided to distribute 10% cash dividend to its shareholders for the financial year ending 31 December 2018.
A proposal to this effect was approved by shareholders at the Group's 23rd Annual General Meeting (AGM) on April 17, 2019. The Company's shareholders also approved all other resolutions presented by Dubai Investments Board of Directors.
The Company presented its 2018 financial results, which revealed a net profit of AED 651.4 million for 2018. Total assets of the Group increased by AED 2.55 billion to reach AED 19.6 billion as of 31 December 2018.
At the AGM, Hussain Mahyoob Sultan Al Junaidy, Vice-Chairman of the Board of Directors of Dubai Investments PJSC, read out the Chairman's Report highlighting the Company's growth.
Property business accounted for 63% of total assets and contributed 38% to the Group's total income, while manufacturing, contracting and services accounted for 24% of total assets and contributed 55% to the Group's total income. Investments accounted for 13% of the Group's total assets and contributed 7% to the Group's total income.
Highlights in 2018
During 2018, Dubai Investments continued to build on its leadership in the property sector. Dubai Investments Park (DIP) continued to generate sustainable income for the Company with an increase in rental income achieved from revisions in lease rates and lease of additional land. Dubai Investments Real Estate Company focused on Mirdif Hills, a mixed-use freehold development that comprises residential apartments, a hotel, service apartments, a hospital, and retail facilities, while Al Taif Investment is progressing well with the construction of Fujairah Business Center.
In the building materials sector, the Group focused on clustering its subsidiaries into one platform, offering a one-stop shop with a diverse and comprehensive range of products and services.
Dubai Investments continued its focus in Education and Healthcare sectors with MODUL University Dubai hosting its first graduation ceremony, while the University of Balamand Dubai welcomed students to campus in Dubai Investments Park for its first academic year in September 2018. The Group also acquired a significant stake in Africa Crest Education Holding which is targeting development of SABIS curriculum schools across Africa.
In the healthcare sector, King's College Hospital Dubai, in which the Group holds a 26.75% stake, opened a 100-bed, multi-specialty hospital in Dubai Hills Q1, 2019. The Group also grew its healthcare portfolio through a 20% stake in Clemenceau Medical Centre which is due to open its facilities in Dubai Healthcare City in the second half of 2019.
In financial investments, Al Mal is in the process of establishing a mixed-use Real Estate Investment Trust (REIT) which will be listed on the financial market during Q2 2019. Dubai Investments is also finalizing the launch of a DIFC-based wholesale Islamic Bank licensed from the Dubai Financial Services Authority.
The Bank will offer a fully integrated range of competitive, Shari'a-compliant banking services and investment products with the core business lines of treasury, corporate banking, investment banking, and asset management.
The Group also divested its 50% stake in Dubai International Driving Centre at a gain of AED 21.1 million. It also assessed preliminary investor interest in a 30% private placement in Emicool.