Dubai Investments (DI) is “actively pursuing” two potential acquisitions, according to Khalid bin Kalban, managing director and CEO at the firm.

Without disclosing the names of the target companies, Bin Kalban says he hopes the deals will be concluded before the end of the year, in an email sent to MEED.

The news follows the firm’s divestment of its 66 per cent stake in its pharmaceuticals subsidiary, Globalpharma, at the end of June. The stake was sold to an investor group headed by French healthcare firm Sanofi. DI will retain a 34 per cent stake in the company.

The move allows DI to increase its focus on its core real estate business, as the company looks to capitalise on the rebounding real estate market in the UAE.

“Dubai Investments has a strong focus on developing its land banks and strengthening its real estate portfolio. The UAE real estate industry is in the midst of a robust growth and there is huge potential for growth in the sector,” he says.

Current real estate investments held by DI include Dubai Investments Park, a residential, industrial and commercial development in the emirate.

DI is aiming to increase its profits by more than 50 per cent in 2014, compared with last year, Bin Kalban says. In 2013, total profit reached AED822m ($223.7m).

During the first quarter of this year, the Dubai Financial Market-listed company reported a 26 per cent growth in profits compared with the same period last year, to reach AED265m.

The company also launched a new subsidiary earlier this year, Dubai Investments International, to drive its expansion overseas in both African and Asian markets as well as other Middle East markets.

To fund its growth, DI raised a $300m sukuk issue for Dubai Investments Park Development Company earlier this year. Kalban says that currently the company has no plans to issue further sukuk (Islamic bonds) or bonds this year.