Dubai Investments announces 10% cash dividend to shareholders
- 04 Jun 2020
Dubai Investments, the leading Middle East investment and a public joint stock company listed on the Dubai Financial Market (DFM), has announced distribution of 10% cash dividend to the shareholders for the financial year ending December 31, 2019. A proposal to this effect was approved by the shareholders at the company’s virtually held 24th Annual General Meeting recently.
Abdulrahman Ghanem Al Mutaiwee was elected as the company’s new Chairman and Khalid Bin Kalban as its new Vice-Chairman. The other board members comprise of Ali Fardan Ali Al Fardan, Mohamed Saif Darwish Al Ketbi, Khaled Mohammad Ali Al Kamda and two new members, Abudulrahman Mohamed Rashed Alshared and Hussain Nasser Ahmed Lootah.
The company’s shareholders also approved all other resolutions presented by Dubai Investments Board of Directors. The Group has reported profit attributable to the shareholders of the Company of Dhs657.4 million for the year ended 31 December 2019 as compared to Dhs651.4 million in the previous year.
Total assets of the Group have increased by Dhs1.41 billion and stands at Dhs20.96 billion as of 31 December 2019 (2018: Dhs19.55 billion). The increase in total assets is mainly attributable to acquisition of additional 66% interest in Globalpharma LLC and cost incurred on development of real estate projects during the year.
During the AGM, the Company stated that it is studying and evaluating businesses to review and enhance business continuity plans as new strategies are solidified.
The Company confirmed it has a strong foundation and ability to withstand pressure, streamline businesses, ensure the safety and well-being of workforce and reduce business impacts. It also assured a healthy liquidity portfolio with plans focused on tapping into the right stimulus measures keeping liquidity stable and maintaining operational resiliency.
The Company also confirmed remaining upbeat on future prospects and striving to strengthen existing businesses and highlighted 2020 as the 25th year of successful business investments.
Earlier, Dubai Investments has rolled out measures to help combat coronavirus COVID-19. The company’s subsidiary offices have also joined in the movement to help combat the pandemic in their premises.
Amongst the preliminary steps initiated by the group includes ensuring the implementation of unified health requirements across all labour camps. As part of the initiative all workers within the industrial units and construction sites have been regularly monitored to ensure safety and well-being, limiting the spread across the camps.
Taking the initiative a step further, Dubai Investments Real Estate Company, DIRC, has dedicated an entire building in Dubai Investments Park to serve as a quarantine facility for workers.
The company has also announced rendering of its services remotely through alternate channels.Dubai Investments said recently that it will continue the ongoing production of raw materials across its industrial manufacturing subsidiaries in steel, aluminium, glass and other building materials.
The company said in a statement that it is committed to contributing to the UAE economy through this vital sector, which is “a crucial industry that is used as a means to achieve sustainable growth.”
“Supporting local production and procurement is part of the initiatives implemented by the government towards stimulating competitiveness and achieving sustainable development during these times. Over the years, the government has supported the manufacturing sector with various stimulus packages and it is now the time for the sector to unleash its potential enhancing local productivity and growth, promoting the ‘Made in UAE’ products,” said Abdulaziz Bin Yagub Al Serkal, CEO, Industrial Platforms, Dubai Investments.
With breakthrough advances and innovative concepts in glass solutions, Dubai Investments glass companies are continuing to provide quality glass solutions to meet the local requirements. Seizing available localisation opportunities, the companies under Glass LLC have intensified efforts, stimulating the local production capacity and maintaining production levels with limited resources, the company added.
Furthermore, ongoing large scale investments in infrastructure and healthcare sectors has ensured consistent local demand for steel structures and Pre Engineered Building in the industrial, commercial, and residential sectors, which the company is saying its meeting.
Agencies