Dubai Investments forecasts $65m profit for Q4 2010

06/01/2011 - Dubai Investment News
Dubai Investments forecasts $65m profit for Q4 2010

Posted by Bob Brunskill

The Dubai Investments conglomerate has predicted that it will record a profit of AED 240 million ($65 million) for the fourth quarter of 2010.

The forecast follows a fourth-quarter net profit of AED 141 million for Dubai Investments in 2009, Reuters reported.

Speaking to the news outlet, Dubai Investments chief executive Khalid bin Kalban also said that the conglomerate expected full-year profit to be around AED 930 million for 2010.

Dubai Investments is involved in a wide range of sectors including real estate and manufacturing and counts the emirate's sovereign wealth fund Investment Corporation of Dubai among its stakeholders.

Mr bin Kalban said the conglomerate was also turning its focus to other markets in the region like Saudi Arabia, Libya, Turkey, Qatar and Kazakhstan.

Earlier this week, meanwhile, it was reported that annual volumes on the Dubai Gold & Commodities Exchange (DGCX) grew by 28 per cent year-on-year in 2010.ADNFCR-2019-ID-800326892-ADNFCR