Dubai Investments has reported a significant increase in net profit for the first quarter of 2024, with a figure of Dh119.96 million compared to Dh314.44 million in the same period last year. Excluding a one-off gain from the fair valuation of investment properties in 2023, the group’s profit for the first quarter of 2024 has surged by 90%. Total income for the period was Dh791.88 million, down from Dh1.01 billion the previous year, while total assets remained stable at Dh21.46 billion.
Khalid Bin Kalban, vice-chairman and CEO of Dubai Investments, expressed satisfaction with the robust Q1 results, attributing them to the upward trajectory and long-term growth drivers within the real estate market. Despite regional volatility, macroeconomic resilience and a strong pipeline of real estate projects have led to tangible results for the group. Kalban highlighted the Danah Bay project on Al Marjan Island in Ras Al Khaimah, noting steady construction progress and robust demand. The launch of the Violet Tower project further illustrates the buoyancy in the residential sector.
Looking ahead, Dubai Investments expects the positive momentum to continue throughout 2024, driven by robust growth in the real estate sector. The group remains committed to executing key real estate projects initiated in 2023, with a strategic focus on delivering enhanced value for shareholders. Kalban emphasized the Group’s commitment to strategic investments and targeting sectors and assets with long-term growth drivers that will benefit shareholders. The successful completion of the Al Mal Capital REIT rights issue further exemplifies this commitment.
In conclusion, Dubai Investments’ strong performance in the first quarter of 2024 reflects the resilience and growth potential of the real estate market. The group’s focus on strategic investments and long-term growth drivers positions it well for continued success in the future. With a robust pipeline of real estate projects and a commitment to delivering value for shareholders, Dubai Investments is poised for sustained growth and success in the years to come.
