It is no surprise that the whole world is dealing with the effects of the pandemic, and while we have all been impacted by its consequences, it has also demonstrated the resilience of our businesses under these trying economic circumstances.
Despite these challenges, we have adapted well to the market trends, and have worked in close cooperation with our subsidiaries to ensure that they remain resilient and receive the support needed.
In October 2020, our subsidiary Al Mal Capital, announced the launch of Al Mal Capital REIT, the first REIT IPO to be listed on DFM in three years. A key testament to our commitment to the UAE and delivering long term value to our investors. Al Mal Capital REIT is a closed-ended real estate investment trust founded by our wholly owned subsidiary Al Mal Capital, which has listed its units on the Dubai Financial Market (DFM) in January 2021.
Although the impact of the pandemic on the global economy and investor confidence is likely to continue this year, we are optimistic that our cautious investment approach will support our growth as a group throughout 2021. The growth of our portfolio will be supported in the coming months, by the completion of the all three phases of our Mirdif Hills real estate project and the other planned expansion of our business activities across the region.
In parallel to reinforcing our financial position and ensuring the long-term growth of our key sectors, Dubai Investments has also strengthened its position as a pioneering company in the field of sustainable investments. In 2020, Dubai Investments climbed to the 4th place of the ESG Invest Dubai Financial Market’s rankings, from 16th the year prior, becoming the best-rated financial company in ESG, listed on the Dubai Financial Market (DFM). This achievement has been made possible by strategic investments across all our businesses to optimize our environmental and social impacts.
Over the next quarter, Dubai Investments will continue taking a long-term and diversified approach to investments by focusing particularly on merger and acquisition transactions, increasing its investments in the education sector, and launching new real estate projects within the region and overseas.
On behalf of Dubai Investments, I thank you all for your hard work in 2020 and look forward to continuing on this path of growth and expansion throughout 2021.
Khalid Bin Kalban
Vice Chairman & CEO