Dubai Holding’s main trading arm has posted a 24 per cent rise in net profit for the first half of the year to Dh2.6 billion from the same period last year.
The global investment holding company, which has interests in 24 countries, said Dubai Holding Commercial Operations Group’s (DHCOG) full-year net profit would probably exceed Dh5.5bn this year, up from Dh4.68bn last year.
DHCOG is the parent company of entities including Dubai Properties Group, the free zones operator Tecom Investments, and the Jumeirah Group, a hotel operator.
Dubai Holding and its subsidiaries employ 22,000 people around the world. The group manages a portfolio of assets valued at Dh130bn, and is currently developing the Dh25bn Mall of the World project.
Dubai Holding is not a publicly traded company, but it does sell bonds on the international market.
“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, the company’s vice chairman and managing director, said yesterday.
Fadel Al Ali, Dubai Holding’s chief executive, said: “We 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 are expected to further support the company’s long-term growth.”
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