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DUBAI Nov 5 Conglomerate Dubai Investments
, which has been eyeing opportunities to divest some of
its businesses, said its third-quarter net profit more than
doubled as it booked gains in the value of its investment
The company, in which sovereign fund Investment Corp of
Dubai (ICD) owns 11.5 percent stake, posted third-quarter net
profit of 81.4 million dirhams ($22.16 million), compared with a
profit of 24.9 million dirhams for the year-ago period, it said
in a bourse statement on Monday.
Quarterly profit was mainly boosted by a 60 million dirhams
gain on fair value of investment properties. It had booked a
fair value gain of 8 million dirhams for the same period last
Revenue for the quarter rose to 669.1 million dirhams from
580.7 million dirhams a year-ago, the company said.
Dubai Investments, whose manufacturing business was hit by
political unrest in the Gulf Arab region, said earlier this year
that it was eyeing an exit from some of its businesses and was
reviewing such opportunities.
The company, which has interests in several sectors
including property and manufacturing, had total assets worth
13.7 billion dirhams at the end of the third quarter, Monday's
The conglomerate has said it wants to raise up to 1 billion
dirhams this year through the issue of sukuk, or Islamic bonds,
to finance expansion of some manufacturing units and repay debt.
Dubai Investments shares have risen 45.6 percent
year-to-date. They were yet to trade on the Dubai bourse Monday.
($1 = 3.6730 UAE dirhams)
(Reporting By Mirna Sleiman; Editing by Dinesh Nair)