Dubai Investments, the publically-traded investment holding firm in the emirate, has reported more than 9 per cent jump in its full-year 2016 profit helped by proceeds from disposal of subsidiaries.

The company with interests in financial, real estate, industrial and manufacturing sector said its 12-month net profit rose to AED1.22bn ($332m), up from AED1.11bn at the end of 2015. Total assets at the end of last year also grew to AED 16.25bn, up against 15.24bn reported for a year-earlier period.

“The profit for the year includes gains on disposal of subsidiaries amounting to AED186.6m,” the firm said in a statement to Dubai Financial Market (DFM), without elaborating which of its subsidiaries it has disposed-off during 2016.

The company, in which state-controlled Investment Corporation of Dubai owns an 11.5 per cent stake, recorded a 2.9 percent rise in its fourth-quarter net profit, according to calculations.

Profit for the three-months ended 31 December 2016 rose to AED368.5m, compared with AED358.1m in the corresponding period of 2015.

The company could sell shares in its subsidiary companies if UAE’s equity markets continue to perform well over the next six-to-nine months, its chief executive Khalid bin Kalban told reporters on 29 January.

Emicool, utility company which provides cooling systems for buildings, could be among the initial public offering (IPO) candidate. The DFM General Index has risen more than 14 per cent since the second week of November on improved investor sentiment.

Dubai Investments could listing around 30 per cent of Emicool, which it owns in a joint venture with Union Properties. Al Mal Capital is working on the listing, he said.

Dubai Investments, he said, committed to building industrial zones in Angola and Riyadh in Saudi Arabia. The company responsible for the park in the kingdom’s capital is likely to be established by the summer.

Dubai Investments is initially investing AED600m in the Riyadh project to buy the land and build the infrastructure, with its unnamed Saudi partner adding a further 600 million dirhams.

The company is likely to raise AED500m in equity contribution to the JV from three unnamed Saudi Arabian banks, a deal, which could be closed by the end of February, he added.