Dubai – Mubasher: Shareholders of Dubai Investments have approved the distribution of 12%, or 12 fils per share cash dividend, for the financial year ended December 2017.

Total cash dividends amount to around AED 510.24 million, the UAE leading diversified investments conglomerate said in a filing to the Dubai Financial Market (DFM) on Thursday.

The dividend eligibility will be for shareholders registered by the end of trading on Sunday, 29 April, the company added.

Dubai Investments posted an 18% year-on-year drop in profits for the full-year 2017, recording AED 1.001 billion from AED 1.2 billion a year earlier.

The company’s profitability came in line with 2016 financial results “if the one-off gain from divestments amounting to AED 186 million is excluded”, the filing noted.

Total assets grew by AED 890 million to reach AED 17 billion as of 31 December 2017, the company pointed out.

Vice-chairman of the board of Dubai Investments Hussain Mahyoob Sultan Al Junaidy said at the company’s annual general meeting (AGM) that property business accounted for around 68% of total assets and contributed 57% to revenue, according to the filing.

Moreover, manufacturing and contracting made up 16% of total assets and contributed 42% of the company’s revenue, while financial investments made up nearly 16% of total assets.

Dubai Investments' outlook for this year is positive, boosted by various real estate developments and key investments in the pipeline, the Dubai-based investment group said.

“The potential IPO of Dubai Investments subsidiary Emicool and a mixed-use Real Estate Investment Trust [REIT] through Al Mal Capital will provide additional investment opportunities to the shareholders, significantly enhancing Dubai Investments’ profile locally and regionally and creating value to shareholders,” Al Junaidy added.

Dubai Investments maintained to strengthen its activities in the real estate sector during 2017, as Dubai Investments Park (DIP) has contributed to achieving sustainable income for the company due to the increase in rental income, the rise in sub-leasing contracts, and the surge in warehouse leases.

Working on the ‘Mirdif Hills’ project by Dubai Investments Real Estate Company is on track, and the Green Community West Phase 3 project in DIP by Properties Investment is nearing completion, while construction work of the Fujairah Business Center project by Al Taif Investment has commenced.

In terms of the manufacturing sector, Dubai Investments' glass business recorded strong achievements in the UAE, Kuwait and Saudi Arabia, the company pointed out.

The company also maintained focus in education and healthcare sectors as MODUL University Dubai has registered a strong growth. The Emirati firm also partnered up with Lebanon-based University of Balamand, which is set to open its campus in Dubai Investments Park next September.

The company had led a consortium of investors through Al Mal Capital as well to fully acquire Kent College Dubai campus, according to the filing.

Dubai Investments announced a partnership with Africa Crest Education to fund development of SABIS curriculum schools across Africa.

It is worth noting that Kings College Hospital UAE has inaugurated clinics in Abu Dhabi and Dubai, and a multi-speciality hospital is scheduled to be opened in the first quarter of 2019 in Dubai Hills Estate.

Furthermore, Dubai Investments leads a consortium of investors to launch an Islamic Bank in Dubai International Financial Centre (DIFC).

Al Mal Capital also announced a tie-up with Azimut to launch a UCITS MENA Equity Fund in Q2-18, the company concluded.