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UAE Freezones Biz News Updates
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Dubai Holding unit profit jumps 42% in 2014
Dubai Holding Commercial Operations Group, a hospitality, real-estate and
business-parks company owned by the emirate's ruler, on Sunday reported a
sharp rise in 2014 profit as revenue surged.
The company said net profit reached 4.68 billion U.A.E. dirhams ($1.27
billion) last year, up by 42% compared with 2013. DHCOG is a division of
Dubai Holding, which is owned by Dubai ruler Sheikh Mohammed bin Rashid Al
Maktoum.
Growth last year had been "balanced and broad," Chief Executive Ahmad Bin
Byat said in an emailed statement. The company's revenue rose 14%
year-to-year to reach AED13.23 billion, its statement said.
DHCOG's assets include Jumeirah Group, a global hotels operator that runs
the sail-shaped Burj Al Arab in Dubai, one of the world's tallest hotels.
Jumeirah Group is looking to expand its footprint, and has recently signed
new contracts in China, India, Mauritius and Dubai, the statement said. Its
revenue per available room grew by 2.8% year-to-year, the statement said.
The company also owns Dubai Properties Group, one of the emirate's biggest
property developers, and TECOM Investments, a company that owns and manages
numerous Dubai-based business parks. DHCOG said TECOM's offices were close
to full occupancy last year, and rental revenue grew by 8% year-to-year.
In addition to those holdings, DHCOG has regional telecommunications assets
under its Emirates International Telecommunications subsidiary. These
include stakes in Du, the U.A.E. mobile operator, and Tunisie Telecom in
Tunisia.
The group didn't make any new investments or sales of stakes last year, but
"will continue to seek and assess viable divestment opportunities," the
statement said.
Mar 22, 2015 |
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Courtesy MarketWatch, Inc.
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