Dubai Investments swings to profit as real estate stabilizes

The company recently acquired further interest in National General Insurance Company. (Shutterstock)

• This was attributed to strong performances in the company’s manufacturing and investments segments

DUBAI: Dubai Investments (DI) has reported a profit surge to 123.8 million dirhams ($33.7 million) in the first quarter of the year, compared to a loss of 6.8 million dirhams in the same period last year.
This was attributed to strong performances in the company’s manufacturing and investments segments, and a relatively stabilized real estate sector, it said in a statement.
“The results in the first quarter of 2021 highlight the strong performance and resilience of our business model during what continues to be a challenging time for our region and the world,” DI chief executive Khalid Bin Kalban said.
He said the company’s growth strategy was to focus on diversification.
The company recently acquired further interest in National General Insurance Company, which Kalban described as a move to “unlock growth opportunities and deliver superior returns” for its shareholders.
DI’s total assets remained stable at 22 billion dirhams, and total equity rose to 12.2 billion dirhams – a slight increase from 12 billion dirhams in the previous quarter.