By Amr Adel
Dubai – Mubasher: Dubai Investments PJSC is forecasted to generate around AED 295 million net profit in the first quarter of 2016, a rise of 5% compared with AED 282.2 million in the same period a year earlier, said CEO Khaled bin Kalban.
The expected profit rise is ascribed to the company's exit from Marmoum dairy farm which generated AED 136 million capital gains in the first quarter of 2016, the top executive told reporters on Wednesday.
Bin Kalban also said his company went back on a plan to acquire a real estate advisory firm in Abu Dhabi.
In late March, DI announced it purchased 20% additional stake in Properties Investment (PI) for AED 98 million ($26.7 million).
PI is a joint venture between Dubai Investments and Union Properties.
Bin Kalban also revealed that his company postponed a plan to float a stake in Emicool from the second quarter of this year to the last quarter, conditional on seeing stable equity market.
DI will start constructions at its project in Saudi Arabia in the coming two months, said the CEO, adding that his company launched a real estate fund with AED 170 million investments to finance the project.
Translated by Sayed Abdel Rahman
