Dubai: Shareholders of Dubai Investments will gain an 8 percent profits payout, which as a whole cost Dh340.16 million. This comes after the developer of industrial parks and mixed-use developments witnessed a sizeable fall in total gain to Dh273.13 million from Dh533.45 million in 2019.
The lesser numbers were “mainly” because of the losses suffered on fair valuation of its investment properties. That compares with a total profit the previous year. Also missing from the 2020 numbers was a one-off profit from the purchase of a controlling stake in a subsidiary.
Dubai Investments witnessed its total gain for the year at Dh2.67 billion, a slight fall from Dh2.88 billion in the previous year. There were falls in rental income – to total Dh857 million – for the operator of the Dubai Investments Park. But it was repaid by higher returns from deals of properties – Dh293.07 million against Dh40.14 million in 2019.
Dubai’s Financial Market gained 0.16 percent during the morning session, with financials leading the way, as per Kaia Parv, Head of Investment Research at FXPRIMUS. “Dubai Islamic Bank has risen 0.06 percent, while International Financial Advisors is up 0.05 percent.
“The Abu Dhabi benchmark index rose 0.26 percent Thursday morning. United Arab Bank, one of the largest in the UAE in terms of capitalization, jumped 13.6 percent, echoing the global appetite towards bank shares.“