Main Dubai Holding unit’s profit up 24%
Filed on October 4, 2015 | Last updated on October 4, 2015 at 07.22 am
Gain hits Dh2.6 billion; set to exceed Dh5.5 billion in 2015.
The main trading arm of Dubai Holding, Dubai Holding Commercial Operations Group, or DHCOG, on Saturday posted a 24 per cent jump in net profit to Dh2.6 billion for the first half of 2015 compared to Dh2.1 billion in the same period in 2014.
Mohammed Abdullah Al Gergawi, Chairman of Dubai Holding and UAE Minister of Cabinet Affairs, said DHCOG continued to see good operational progress with all businesses performing well and contributing to the group’s profitability. He expected the group’s net profit to exceed Dh5.5 billion for 2015, up from Dh4.68 billion in 2014.
Dubai Holding, a global investment holding company, has operations in 24 countries and its subsidiaries employ 22,000 people around the world. The group manages a portfolio of assets valued at Dh130 billion, and is currently developing the iconic $6.8 billion Mall of the World project.
“As Dubai gears up to become the most productive and innovative hub in the world, we have embarked on several initiatives to continue to develop strategic sectors vital to Dubai’s economy,” Ahmad bin Byat, vice-chairman and managing director of Dubai Holding, said. He added the company would continue to reinforce its successful strategy of investing in innovation, knowledge, technology, content and business clusters to support Dubai’s efforts in setting up advanced infrastructure, which in turn will attract top global talent.
Fadel Al Ali, chief executive officer of Dubai Holding, said the group would continue to improve the quality of DHCOG’s earnings by driving recurring revenue streams across all our businesses. “These solid results demonstrate the company’s sound strategic planning and prudent financial management. Strong business performance boosted by a range of new projects is expected to further support the company’s long-term growth,” said Al Ali.
Recently, Dubai Holding announced amendments focusing on improving access and transport links to its Mall of the World project. Work is due to start on the 48 million square foot mega project in 2016, with the first phase expected to be completed in 2018.
The Mall of the World site will be served by two existing Dubai Metro stations – Mall of the Emirates and Sharaf DG – but it will also be linked to the Dubai Tram network in Dubai Marina and a new line will also be built linking it to Arabian Ranches.