Dubai Investments Q2 profits down 30%
10 Aug 2011
(MENAFN) Dubai Investment’s chief executive, Khalid bin Kalban, said that in the second quarter, the firm’s profits fell 30 percent reaching USD37.5 million from USD46 million in 2010’s same quarter, reported The National.
Bin Kalban added that the company had plans to raise a USD326 million loan in order to expand its investments in Emirates Float Glass, and to finish the last phase of the company’s industrial development, Dubai Investments Park, nevertheless, Dubai Investment managed to secure only USD81.6 million loan from a commercial bank.
He also said that the firm suspended it plans for an initial public offering (IPO) to sell around 30 percent of Masharie, the company’s private equity unit, for two months, to be held in September.
It is worth noting that Dubai Investment’s revenue is mainly from projects in the UAE and other Gulf states.