Dubai Investments is looking at two new achievements by the end of 2014. However, the company refused to give more information and details as the contracts are still under negotiation, according to the Dubai Financial Market.
DI is sitting on cash after stripping 66% of its stake in the health care unit Globalpharma last month to the French company Sanofi for Dh385 million. In the first quarter it reported net profits of Dh265m, up by 26%, led by strong accomplishments at its real estate and manufacturing units.
The multinational had cash reserves of more than Dh1 billion, it reported in its periodical results. Several projects are under consideration and they have a robust thrust in developing realty business.
In May 2014, the company said that it was looking into business prospects in Asia and Africa through investments, joint ventures and affiliations. Some of these are in Libya and Erbil in the Kurdish region of Iraq for mixed-use business parks related to Dubai Investments Park. The overseas business enterprises are managed by DI International.
DI’s other units also have a positive business outlook for the rest of the year along with the construction division.
Its Emirates Building Systems, which contracts in construction and fabrication of steel structures, is targeting 10% annual increase over the next five years. It anticipates emerging with Saudi Arabia where it will expand projects for Riyadh Public Transport and three petrochemical projects for Saudi Aramco. It is also working on a number of Fifa 2022 stadium contracts in Qatar, petrochemical and commercial projects in Oman as well as residential and airport developments in the UAE.
Its Emirates Insolaire unit that manufactures coloured solar glass panels is in the procedure of contributing 20,000 square metres of the panels to the European marketplace.
It also owns Marmum Dairy Farm which plans to augment its farm facility and capacity, infrastructure, bottling lines, and its local and global dissemination network.