- Dubai Holding first-half profits grow by 24 per cent to $708m
- Full-year profits expected to hit $1.5bn
- Group is focusing on developing projects to drive recurring revenues
Dubai Holding Commercial Operations Group (DHCOG) has made a net profit of about AED2.6bn ($708m) during the first half of this year. The figure is up about 24 per cent from the AED2.1bn of net profit made during the same period last year.
Dubai Holding says full-year profits are expected to exceed AED5.5bn by the end of 2015.
In the future, Dubai Holding will invest in new infrastructure to support growth in Dubai as it seeks to enhance its position as both a regional and global hub for business and trade.
Dubai Holding will continue to reinforce its successful strategy of investing in innovation, knowledge, technology, content and business clusters to support Dubais efforts in setting up advanced infrastructure, which in turn will attract top global talent, says Ahmad bin Byat, vice-chairman and managing director of Dubai Holding.
Dubai Holding has a range of operation groups such as Dubai Properties Group, Tecom and Jumeirah, which are developing new real estate and infrastructure in Dubai, with the aim of creating long-term cash flow for Dubai Holding.
We continue to improve the quality of DHCOGs earnings by driving recurring revenue streams across all our businesses, says Fadel al-Ali, CEO of Dubai Holding. These solid results demonstrate the companys sound strategic planning and prudent financial management. Strong business performance boosted by a range of new projects are expected to further support the companys long-term growth. At Dubai Holding, we are proud of our achievements and remain fully committed to the vision of Dubai.