Monday, August 06, 2007

Dubai Investments gears up for major expansions

The real estate branch of Dubai Investment Group of Companies, DI Real Estate Company (DIRC) will have projects worth Dh.14billion by end of 2007 as against Dh.4billion worth of projects currently in hand.

The Managing Director and CEO of the group, Khalid Kalban, said the project would be part of a development contract in one of the UAE emirates.

He mentioned that DIRC and subsidiaries are the fastest growing firms among the forty four companies of Dubai Investment group, due to the flourishing construction sector.

The increasing property value has led to all the property companies of Dubai Investment, including manufacturers of building materials such as glass and aluminium contributing to business growth of the group to a great extent. The group recently announced that the income during the first half of the year increased by seventy seven percent to Dh.1.77b from the Dh.1billion recorded during the same period a year ago. The net profit increased by forty eight percent to Dh.803million from Dh.544million for the same period.

Dubai Investment Industry (DII) another branch of the group that invests in start-ups, plan to enter joint-venture projects with a steel fabrication company in Abu Dhabi and another tiles and boards manufacturing company in Fujairah. The company also plans expansion in three of its subsidiary firms.

According to Kalban, one of the group's unique, multifaceted complexes of residential, business, industrial and recreational developments, the Dubai Investments Park (DIP) has about 1000 tenants. He pointed out that the expansion of the development at DIP can be understood by looking at Green Community alone, which has about 2000 residents, and in a period of three years, is expected to have about 20,000 residents.

He announced that Dubai Investment Group of Companies are in the process of planning major investment projects in Banking sector in Indonesia, Brunei and Philippines after another three years.

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