Saturday, Feb 25, 2017

Dubai: Dubai Holding, the investment conglomerate whose portfolio includes Jumeirah Group and Dubai Properties, reported on Saturday an 8 per cent increase in net profits for 2016, reaching Dh6.32 billion.

The company’s revenues, meanwhile, rose 16 per cent year-on-year to reach Dh16.8 billion in 2016.

In a statement, Dubai Holding also announced that its chairman, Mohammad Abdullah Al Gergawi, has just stepped down after receiving approval to do so from His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

Dubai Holding did not disclose details on when the resignation is effective or who will take over as chairman. Al Gergawi had been serving as chairman since the inception of Dubai Holding 18 years ago.

“We thank Mohammad Al Gergawi for his excellence in all the responsibilities he was overlooking. His performance in Dubai Holding was exceptional and we appreciate his service to his country in the different fields,” Shaikh Mohammad said.

Diversified economy

Al Gergawi also penned a letter to the team at Dubai Holding saying the company has helped Dubai evolve and have a diversified economy.

From an operational perspective, in 2016, Dubai Holding grew its media business, as 165 new companies joined Dubai Media City, Dubai Studio City, and Dubai Production City (all three developments are projects by Dubai Holding). The media companies include YouTube, which launched in Dubai Studio City as the Middle East and North Africa’s first YouTube Space.

Dubai Holding manages assets worth Dh130 billion across sectors that include tourism, real estate, media, education, design, trade, and information and communications technology.

Staff Report

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