Media ININ Economy We Trust
Media In – Dubai 18 March 2018 WAM
Dubai Investments has announced its departure from its 50% stake in the Dubai International Driving Center for AED 35 million.
The sale of the stake, which was owned by Dubai-based Mashrei Investment Company, generated an internal return on investment of 21% and “Projects” was one of the founding partners of this project in December 2012.
The Center is in the process of managing the latest driving standards in the second phase of the Dubai Investment Park on an area of 850,000 square feet in partnership with the Palma International Group and Saif Belhasa Group.
Khalid Bin Kalban, Managing Director and Chief Executive Officer of Dubai Investments, said: “We invested in the center six years ago with tremendous growth potential and growing demand for a comprehensive driving school within the Dubai Investment Park. The exit was profitable for us and such a move is in line with our strategy of profitable investment operations and additional value to our shareholders. ”
“Dubai Investments is in line with its growth plans with a clear focus on promoting investment in specific sectors while aligning the business portfolios and sectors in which the company operates in line with this strategy,” said Kalban
