Dubai Investments shareholders approve Dh425.2m cash dividend for 2019
A new chairman, vice-chairman and two new board members are elected as the company navigates the economic slowdown
Dubai Investments shareholders approved a 10 per cent cash dividend for 2019, as the company reviews its business plans amid a coronavirus-induced slowdown.
The 10 fils per share dividend equates to Dh425.2 million, the company said in a statement to the Dubai Financial Market, where its shares trade.
The company, in which sovereign wealth fund Investment Corporation of Dubai holds a stake, has an investment portfolio spanning the real estate, construction, education, healthcare, food & beverage and financial sectors. It said it is evaluating its businesses to review and enhance continuity plans.
“The company has a strong foundation and ability to withstand pressure, streamline businesses, ensure the safety and wellbeing of [the] workforce and reduce business impacts,” the company told its shareholders' meeting on June 3.
It also said it has a “healthy liquidity portfolio with plans focused on tapping into the right stimulus measures, keeping liquidity stable and maintaining operational resiliency”.
Dubai Investments, which has a share capital of Dh4.5 billion, said it remains upbeat about future prospects as it strives to “strengthen existing businesses".
Shareholders also elected Abdulrahman Al Mutaiwee as the new chairman and appointed chief executive Khalid Bin Kalban as vice-chairman. Abudulrahman Mohamed Alshared and Hussain Nasser Lootah also received the nod to join the company’s board whose other members include Ali Al Fardan, Mohamed Al Ketbi, and Khaled Al Kamda.
Dubai Investments' 2019 net profit attributable to shareholders climbed to Dh657.4m from Dh651.4m a year earlier. Total group assets increased by Dh1.41bn to Dh21bn last year, boosted by the acquisition of an additional 66 per cent interest in Globalpharma.
The group has stakes in 35 businesses including Dubai Investments Park, broker Al Mal Capital, district cooling company Emicool and glass manufacturer Emirates Float Glass.
Updated: June 4, 2020 06:41 PM