Dubai Holding’s net profit up 24% in H1 2015

Dubai Holding Commercial Operations Group reported that its net profit rose 24 per cent in the first half of this year.

The company, which is owned by the emirate’s ruler Sheikh Mohammed bin Rashid Al Maktoum, said that its net profit reached Dhs 2.6bn in H1 2015, compared to Dhs 2.1bn in the same period last year.

It also noted that all its businesses performed well during this period, contributing to the group’s profitability.

DHCOG is expecting net profit in the financial year of 2015 to reach Dhs 5.5bn, a statement said.

“As Dubai gears up to become the most productive and innovative hub in the world, we have embarked on several initiatives to continue to develop strategic sectors vital to Dubai’s economy,” said Dubai Holding’s vice chairman and managing director Ahmed bin Byat.

DHCOG, a wholly owned subsidiary of Dubai Holding, operates its parent firm’s non-financial businesses such as hospitality group Jumeirah, Dubai Properties, Emirates International Telecommunications and business cluster operator Tecom Investments.

The company, which currently manages a portfolio of assets worth Dhs 130bn, has also been growing steadily in tandem with Dubai’s economic recovery over the last few years.

Last year, DHCOG posted a 42 per cent growth in net profit, earning Dhs 4.68bn. Its profits were largely boosted by property and land sales, the company said.