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Dubai’s DIC Plans More Divestments in 2013 Amid Improving UAE Outlook

Middle East : 29 March 2013

Source: Dow Jones & Co.

DUBAI (Zawya Dow Jones)–Dubai Investments (DIC.DFM), in which the emirate’s government is the single largest shareholder, plans for further divestments this year that are expected to provide significant returns amid an improving outlook for the U.A.E.

The company, with investments ranging from telecommunications to finance and real estate, said the outlook for 2013 is encouraging with indicators reflecting return of confidence to the U.A.E. market, after posting a 58% jump in profit last year.

It made a full-year 2012 net profit of 321.4 million dirhams ($87.6 million), up from AED203.4 million in the year before, DIC said in its financial statements posted on the Dubai bourse website.

It attributed the increase in profits to growth in the regional and local economies, which led to improved performance in the investment and real estate sectors.

“The Group successfully divested [in 2012] its shareholding in five entities. The divestment has resulted in unlocking the investment value and has provided an opportunity to make new investments and diversify investment base,” DIC said.

The company’s total assets stood at AED13 billion at the end of last year, compared with AED13.5 billion in December 2011.

DIC’s directors have proposed a cash dividend of 7% to shareholders of the company.

Its shares last traded up 1.6% at AED0.928 on Thursday.

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