Dubai: Melhem Al Zubaidi
Khalid bin Kalban, Vice Chairman and Chief Executive Officer of Dubai Investments, revealed that the company has appointed a consulting company to study the feasibility of merging a group of small companies affiliated with the group and operating within a common sector into one entity, with the aim of listing them for public subscription in the future. It is expected that this study will be completed before the end of this year.
During the press conference held by the company to reveal the details of its new project “Dana Bay” in Ras Al Khaimah, Khalid bin Kalban confirmed that the company continues to study the most prominent opportunities in various investment sectors in the local and international markets, and seize the best ones that serve the group’s goals, whether in real estate. industry, insurance or financial investment as well as health, education and logistics.
He stated that “Dubai Investments” owns many lands that can be developed and invested in Dubai, Sharjah and Abu Dhabi, and appropriate and appropriate projects that are in line with our aspirations and the interests of our customers will be studied. It is worth noting that the completion rate in the “Dubai Investment Park” has reached 99% at the present time.
The Vice Chairman and Chief Executive Officer of Dubai Investments indicated that the company is seeking to acquire one of the major international schools in Dubai, bringing the number of educational facilities to three, and we are also working on developing two specialized hospitals in the emirate and a hotel in the Hamriyah area of Sharjah. With regard to the investment fund established by Al Mal Capital, a subsidiary of Dubai Investments, the concerned authorities were addressed with a request to double the capital from 350 to 700 million dirhams. We distributed our first dividend to shareholders this year.
He explained that the company’s total shareholders’ equity amounted to 12 billion dirhams, compared to a debt of 5 billion dirhams, and a cash flow of 3 billion dirhams. The group’s investments in the real estate sector, through its 4 companies operating in this sector, achieved 14 billion dirhams, while the value of the group’s assets amounted to 22 billion dirhams in various sectors such as real estate, industry, education, health, financial investment, insurance and others, until the end of June 30, 2022.
On the performance of the real estate sector in the UAE, Ibn Kalban explained that it has recorded strong results during the past months since the beginning of the year 2021 until now in terms of the price index in the sales and rental markets and the curve of the development process, as well as surprising levels of growth for all in terms of demand for investment and property ownership, This created a real balance once morest the supply of various products, especially villas, townhouses and luxury units.
Dubai Investments revealed the details of its new project, “Dana Bay”, on the waterfront of “Al Marjan Island” in the Emirate of Ras Al Khaimah, on an area of 90,000 square meters, with a total value of nearly one billion dirhams. “Dana Bay” includes luxury villas, townhouses, apartments, a hotel that will include 400 rooms and retail stores. Construction work is expected to start at the end of 2020, and the first phase is likely to be completed in December 2024.
It is worth noting that “Dubai Investments” had earlier signed an agreement with the “Marjan” company, to acquire a plot of land with the aim of developing a mixed-use residential area, a beach resort and a leisure destination on the “Marjan Island”, with a distinctive view of the waters of the Arabian Gulf.
