Dubai investments expects third quarter profits to double

Dubai Investments, the UAE's largest diversified holding firm by market value, expects profit in the third quarter to more than double on the private placement of one of its units and property sales. Khalid bin Kalban, the company's chief executive said late on Sunday the group was planning to expand its property business by buying land in Saudi Arabia and said its glass unit planned acquisitions in the kingdom and the UAE. "We expect profit for the third quarter to be between Dh650 million (Dh176m) to Dh700m," Mr Kalban said in an interview. The firm, whose business ranges from glassmaking to pharmaceuticals, made a net profit of Dh268m in the corresponding period last year. Dubai Investments said earlier this month it had raised Dh400m by selling a 40 per cent stake in its private equity arm M'Sharie in a private placement. Dubai Investments has 40 subsidiaries, including Emirates Building Systems, which sells steel structures, and Dubai Investments Real Estate, which is building office towers, industrial complexes and residential units. The group bought a 10 per cent stake in a new Saudi steel firm to tap into growth in the world's largest oil exporter in September and Mr Kalban said its glass unit was looking to tie up two deals in the kingdom and one in the UAE by the first quarter of next year. * Reuters