Dubai Investments names new chair, revamps board

Dubai Investments announced on Thursday the appointment of a new chairman and the distribution of 10 per cent cash dividend to the shareholders for the financial year ending December 31, 2019.

The investment firm, which is listed on the Dubai Financial Market, said the distribution of dividend follows an approval by shareholders at the company's virtually held 24th annual general meeting on Wednesday.

The company's reconstituted board of directors will be headed by Abdulrahman Ghanem Al Mutaiwee as the new chairman, and Khalid bin Kalban as new vice-chairman. Other board members include 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.

For 2019, Dubai Investments reported Dh657.4 million profit attributable to the shareholders as compared to Dh651.4 million in the previous year.

Total assets of the group have increased by Dh1.41 billion and stands at Dh20.96 billion. The increase in total assets is mainly attributable to the acquisition of additional 66 per cent stakes in Globalpharma and the 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 taken up.

"Dubai Investments has a strong foundation and ability to withstand pressure, streamline businesses, ensure the safety and well-being of workforce and reduce business impacts," a company statement said. The company said it has a healthy liquidity portfolio with plans focussed on tapping into the right stimulus measures to keep liquidity stable and maintain operational resiliency.