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Dubai Investments gains despite lower Q3 profit

01 November 2010

The DFM General Index opened up, declined, and rose again, closing 0.94% higher at 1,781.20. Islamic real estate developer Deyaar jumped 8.81% to close at Dhs0.358. Air Arabia, the Sharjah-based budget carrier, posted the second highest gain (up 1.44% at Dhs0.844) in relation "Tourism, trade and logistics in the UAE benefit in particular from the economic recovery", Dr. Farouk Soussa told AMEinfo.com. Shares of Dubai Investments (DIC) gained 1.37%, closing at Dhs0.964. DIC reported today a net profit for the third quarter of Dhs233.25m or Dhs0.06 per share, down from Dhs280.68m in the same period 2009 and Dhs0.07 per share. "We delivered another good quarter and expect to continue the momentum for the year end. Market conditions gradually continue to improve and positive developments specifically in UAE and GCC provide promising outlook for the future. DI's primary focus continues to remain on effective management of liquidity and exploring new markets in the GCC and beyond", said Khalid Bin Kalban, Managing Director and CEO of Dubai Investments PJSC.

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