Dubai Investments shareholders at the company’s 27th Annual General Meeting.
Dubai Investments, the leading diversified investment Company listed on the Dubai Financial Market (DFM), has announced the distribution of 12.5 per cent cash dividend to the shareholders for the financial year ending Dec.31, 2022.
A proposal to this effect was approved by the shareholders at the company’s 27th Annual General Meeting (AGM) on April 26th, 2023.
The shareholders accepted the board’s recommendation to enhance the size of the board, increasing the total number of board members from seven to nine.
The elected board members include Abdulrahman Ghanem Abdulrahman Almutaiwee, Khalid Bin Kalban, Ali Fardan Ali Alfardan, Khaled Mohammad Ali Alkamda, Hussain Nasser Ahmed Lootah and Mohammed Saif Darwish Ahmed Alketbi, Faisal Abdulaziz Alshaikhmohamed Alkhazraji, Ahmed Salem Abdulla Salem Alhosani and Hind Abdulrahman Qassim Mohammad Alali.
The group reported profit attributable to the shareholders of the Company of Dhs1.60 billion for the year ended Dec.31 2022 as compared to Dhs619.49 million in the previous year. This surge in the net profit was a result of the gain on disposal of controlling interest and fair value gain on retained investment in Emirates District Cooling, amounting to Dhs980.42 million.
Speaking at the AGM, Abdulrahman Ghanem Abdulrahman Al Mutaiwee, Chairman of Dubai Investments acknowledged that the Group is cautiously optimistic about 2023 and is well poised to capitalise on the opportunities arising out of the prevailing market conditions and endeavours to expand presence across the local, regional and select African countries.
He also affirmed that the Group would continue to strengthen the business portfolio, unlocking substantial value through an organised divestment and investment process, aimed at maintaining consistent growth while enhancing resilience for the long-term future.
The AGM also witnessed the approval of all other resolutions presented by the Dubai Investments Board of Directors.
Dubai Investments (DIC) has acquired a 9 per cent equity stake in Monument Bank Limited, a UK-based digital bank regulated by the Financial Conduct Authority (UK) and the Prudential Regulation Authority (UK).
Monument Bank is focused on the ‘mass affluent’ segment in the UK and aims to provide core banking and other related services to help clients prosper and optimise their time by offering smart, efficient and flexible solutions. Khalid Bin Kalban, Dubai Investments’ Vice Chairman and CEO, said that the acquisition provides DIC a unique opportunity to foray into the digital banking space in one of the most advanced and regulated markets.
The CEO of Monument Bank, Ian Rand, said that with this investment and partnership with Dubai Investments, they will accelerate the scale-up of their UK business, launch innovative solutions, and grow their market share while also leveraging their technology with partners and clients around the world.
Mintoo Bhandari, Head of Institutional Relationships and Founder of Monument Bank, said, “We believe that we are uniquely positioned to take advantage of the trends and opportunities that are continuing to emerge in our home market, and we believe that our partners at Dubai Investments can help us advance our strategic plans by leveraging our technological capabilities to extend our operations and spheres of influence in other markets around the world.”
Monument Bank’s property investment lending and range of savings products use advanced in-app capabilities for client interactions, and the bank plans to continue to enhance the range of products and services to serve the evolving needs of its mass affluent clients.
The bank is currently working on a broader suite of products and services that can make mass affluent lives easier, both in the UK and globally. The bank’s initiatives are fundamentally innovative technology-based.
Meanwhile Dubai Investments, the leading diversified investment company listed on the Dubai Financial Market, has reported net profit of Dhs1,489 million for the period ended September 30, 2022, an increase of 227 per cent, as compared to Dhs456 million for the nine-month period last year.
The profit is higher by Dhs1,033 million as compared to the same period last year mainly due to the gain on disposal of 50 per cent controlling interest and fair value gain on retained investment in Emirates District Cooling (Emicool) amounting to Dhs980 million.
The Group’s manufacturing, contracting and services segment has also continued its strong performance. Total income for the Group grew to Dhs3.3 billion as compared to Dhs2.6 billion for the nine-month period ended Sept.30 2022, compared to the same period last year.
Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments said, “The Group has maintained momentum and delivered consistent performance throughout this year, reflecting the resilience of the business model.”