Dubai Investments, the leading diversified investment Company listed on the Dubai Financial Market (DFM), has announced the distribution of 12.5% cash dividend to the shareholders for the financial year ending December 31, 2022. A proposal to this effect was approved by the shareholders at the Company’s 27th Annual General Meeting (AGM) on April 26th, 2023.
The shareholders accepted the board’s recommendation to enhance the size of the board, increasing the total number of board members from seven to nine. The elected board members include Abdulrahman Ghanem Abdulrahman Almutaiwee, Khalid Bin Kalban, Ali Fardan Ali Alfardan, Khaled Mohammad Ali Alkamda, Hussain Nasser Ahmed Lootah and Mohammed Saif Darwish Ahmed Alketbi, Faisal Abdulaziz Alshaikhmohamed Alkhazraji, Ahmed Salem Abdulla Salem Alhosani and Hind Abdulrahman Qassim Mohammad Alali.
The group reported profit attributable to the shareholders of the Company of AED 1.60 billion for the year ended December 31 2022 as compared to AED 619.49 million in the previous year. This surge in the net profit was a result of the gain on disposal of controlling interest and fair value gain on retained investment in Emirates District Cooling, amounting to AED 980.42 million.
Speaking at the AGM, Abdulrahman Ghanem Abdulrahman Al Mutaiwee, Chairman of Dubai Investments acknowledged that the Group is cautiously optimistic about 2023 and is well poised to capitalize on the opportunities arising out of the prevailing market conditions and endeavours to expand presence across the local, regional and select African countries. He also affirmed that the Group would continue to strengthen the business portfolio, unlocking substantial value through an organized divestment and investment process, aimed at maintaining consistent growth while enhancing resilience for the long-term future.
The AGM also witnessed the approval of all other resolutions presented by the Dubai Investments Board of Directors.