17/03/2014 15:58 AST
The Board of Directors of Dubai Investments, a well-diversified conglomerate, has proposed cash and bonus share dividends and also increasing foreign ownership in the company.
A statement sent to Dubai Financial Market said the Board held its meeting on Sunday, March 16 where it approved distribution of five per cent bonus share and seven per cent cash dividend for the year ended on December 31, 2013.
The Board also decided to recommend revising the minimum percentage of shares held by UAE Nationals in the company to be not less than 65 per cent from the current 80 per cent. Now foreigners can own up to 35 per cent of the Dubai conglomerate.
Dubai’s Investments’ Board has also asked for an Extraordinary General Meeting to be held on April 15 and Annual General Meeting on April 22.
The company reported a more than two-fold jump in its 2013 net profit on the back of higher gain on fair value of its investments, profit from sale of properties and reduced finance costs.
The company posted a net profit of Dh822 million compared with Dh321.4 million in 2012.
Revenue for the period was Dh2.8 billion compared to Dh2.3 billion in 2012.
Dubai Investments Park lists of $300 million sukuk on Nasdaq Dubai
Abdul Aziz Yaqob Al Serkal, General Manager of Dubai Investments, today rang the market opening bell to celebrate the listing of a $300 million (Dh1.1 billion) sukuk by Dubai Investments Park Development (DIP) on Nasdaq Dubai.
The listing by DIP, the largest integrated business and residential community in the Middle East, brings the total of new listings of sukuk in Dubai since the beginning of 2013 to $12.55 billion. DIP is a subsidiary of Dubai Investments.
Essa Kazim, Chairman of Dubai Financial Market (DFM) and Secretary General of Dubai Islamic Economy Development Centre, said: “Dubai’s rapid growth towards becoming the global centre for sukuk is set to gain momentum in 2014, in line with the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, to position Dubai as the global capital of the Islamic Economy, under the direction of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council. DIP’s decision to list in Dubai demonstrates the important role played by the Islamic capital markets in supporting the funding requirements of a variety of companies that underpin the Emirate’s growth and development.”
Khalid Bin Kalban, Managing Director and CEO, Dubai Investments, said: “Nadaq Dubai’s streamlined admissions procedure positioned the exchange as an ideal venue for our sukuk, in a commercial environment where fast and responsive decision-making is a significant factor. We appreciate the high visibility with regional and global investors provided by the region’s international stock market, as well as the opportunity to list alongside other prominent issuers of sukuk.”
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “Nasdaq Dubai is delighted to support DIP’s important activities in promoting development in the industrial, commercial and residential spheres through its Sukuk listing. The exchange will maintain its strategy of building critical mass in Sukuk as well as promoting other asset classes, innovation and best practice across the Islamic capital markets sector.”
Including the listing of DIP’s Sukuk in February, the total value of all sukuk currently listed in Dubai has reached $18.98 billion. Dubai is the third largest centre for listed sukuk globally by value.
In addition to Essa Kazim and Abdul Wahed Al Fahim, the bell ceremony was also attended by Hamed Ali, Chief Executive of Nasdaq Dubai; Abdulla Al Awar, Chief Executive of the Dubai Islamic Economy Development Centre; Omar Al Mesmar, General Manager of Dubai Investments Park Development
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