Wednesday, May 08, 2013
(This story was originally published Tuesday.)
DUBAI (Zawya Dow Jones)--Dubai Investments, a publicly listed holding company in the United Arab Emirates, expects to finalize a $300 million Islamic bond issue this quarter as it works to generate further returns through divestments, its chief executive said.
Khalid Kalban had said in February that Dubai Investments was organizing an issuance for Dubai Investments Park, a subsidiary that owns and operates a business district on Dubai's outskirts. A roadshow is planned to market the Islamic bond, or sukuk.
The company's net profit reached 211 million U.A.E. dirhams ($57 million) in the first quarter, it said in an emailed statement Tuesday, almost double the AED107 million it made in the same period last year.
"We are very excited about the outlook for the rest of the year and are actively working on certain divestments which are expected to contribute significant returns going forward," Mr. Kalban said. "We also expect to finalize the issuance of a $300 million sukuk planned by one of our subsidiaries in the coming quarter."
In addition to Dubai Investments Park, Dubai Investments owns a variety of companies in the glass, food, construction, real estate, financial and aluminum sectors.
Write to Asa Fitch at asa.fitch@dowjones.com
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(END) Dow Jones Newswires
08-05-13 0340GMT
