Dubai Investments said on Thursday it would continue to strengthen the group’s business portfolio as it seeks to expand its presence across the local, regional, and select African countries.
Abdulrahman Ghanem Abdulrahman Almutaiwee, chairman of Dubai Investments, said the group is cautiously optimistic about 2023 and is well-poised to capitalise on the opportunities arising out of the prevailing market conditions and seeks to expand its presence across the local, regional, and select African countries.
Following an annual general meeting at which the company announced the distribution of 12.5 per cent cash dividend to the shareholders for the year ending December 31, 2022, Almutaiwee said the group would continue to strengthen its business portfolio, while unlocking substantial value through an organised divestment and investment process aimed at maintaining consistent growth while enhancing resilience.
At the AGM, shareholders also accepted a recommendation to increase the size of the board, increasing the total number of members from seven to nine. The elected board members include 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 a profit attributable to the shareholders of the company of Dh1.60 billion for 2022 as compared to Dh619.49 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 a retained investment in Emirates District Cooling, amounting to Dh980.42 million, the company said in a statement.