Dubai – Mubasher: Dubai Investments (DIC) on Sunday announced that its wholly subsidiary Masharie has divested its 50% stake in Dubai International Driving Centre (Drive Dubai).

DIC has sold Masharie’s stake in Drive Dubai at AED 35 million, according to DIC’s statement to the Dubai Financial Market (DFM).  

The stake sale generated an internal rate of return [IRR] of 21%, the statement added.

“Dubai Investments is on track to achieve its growth plans with a clear focus on enhancing its investments in specific sectors and is diligently adapting its portfolio and business verticals in line with this envisioned strategy,” Dubai Investments managing director Khalid Bin Kalban said.

Dubai Investments’ profits slid 54% to AED 171.1 million during the fourth quarter of 2017, compared to AED 368 million in the same period a year earlier.

During the full-year 2017, the company’s profits levelled down 18% to AED 1.001 billion.