01 February 2022 – Gulf News – www.gulfnews.com
Dubai Investments had a busy 2021, buying majority in insurer and launching Dh1b resort.
Dubai: Dubai Investments, which is widening its portfolio of real estate assets, recorded net profits of Dh619.48 million for 2021 and quite an improvement on the 2020 tally of Dh347.55 million. The company, which operates the DIP industrial park, last year made a move into Ras Al Khaimah with a Dh1 billion resort project to add to an existing mixed-use tower in Fujairah.
The other well-calibrated move Dubai Investments made was to acquire a majority stake in Dubai-based National General Insurance. Expanding its base in financial services remains a priority for the company.
Revenues for 2021 weighed in with Dh3.41 billion against Dh2.67 billion a year ago. Total assets were relatively flat at Dh21.93 billion.
“The profit for the year is higher mainly on account of strong performance of manufacturing, contracting and services; gain on fair valuation of financial investments and investment properties; and acquisition of additional interest in an equity-accounted investee,” Dubai Investments said in a statement. (The latter is a reference to NGI, where DI had a stake for some time and which was boosted by picking up more from Emirates NBD, which was until then the main shareholder in the insurer.)