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FINANCIAL NEWS
Dubai Investments Q3 profit down 88%
05 Nov 2011
(MENAFN) Dubai Investments said that due to losses on some of the company’s investments, profit during the third quarter fell 88 percent to USD6.8 million compared with USD58 million in 2010’s same period, reported Arab News.
The company added that during the period, it lost USD5 million on fair value of investments, compared with a gain of around USD10 million in last year’s same quarter.
It also said that it managed to secure USD190.5 million in October of a planned USD326 million loan.
It is worth noting that Investment Corporation of Dubai (ICD) owns an 11.5 percent stake in Dubai Investments which is involved in several sectors including real estate and manufacturing.
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BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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