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Dubai, April 28 / The shareholders of Dubai Investments Company, during the 27th Annual General Assembly meeting that was held yesterday, approved the distribution of cash dividends of 12.5% to shareholders, for the fiscal year ending on December 31, 2022.
The shareholders also approved the recommendations issued by the Board of Directors of the Dubai Investment Company, related to enhancing the size of the Board, by increasing the total number of members of the Board of Directors from 7 to 9 members. Ahmed Lootah, Muhammad Saif Darwish Al Ketbi, Faisal Abdulaziz Al Sheikh Al Khazraji, Ahmed Salem Abdullah Salem Al Hosani, and Hind Abdul Rahman Qassem Al Ali.
The group announced profits attributable to shareholders at a value of 1.60 billion dirhams, for the year ending on December 31, 2022, compared to the profits attributable to the previous year, at a value of 619.49 million dirhams.
This growth in net profits comes as a result of gains achieved from exits from the majority stake and gains in the fair value of the investments held in the Emirates District Cooling Company “Emicool”, amounting to 980.42 million dirhams.
Abdul Rahman Ghanem Abdul Rahman Al Mutaiwee, Chairman of the Board of Directors of Dubai Investments Company, said, “The group is optimistic about what the year 2023 holds, and Dubai Investments is looking forward to expanding its presence in the Middle East and selected African countries, based on its distinguished and pioneering location and position, which enables it to take advantage of opportunities.” arising from prevailing market conditions.
He stressed that the group will continue to work to enhance its business portfolio, and strive to achieve great and added value, through organized exits and acquisitions, which aim to maintain a steady growth path while enhancing flexibility in the long term.
During the General Assembly meeting, all other decisions submitted by the Board of Directors of Dubai Investments were approved.
