Property

Dubai Holding expects annual profits to hit $1.5bn

Group that manages Dubai Properties and Jumeirah hotels reports 24% higher profit for first half of 2015

PHOTO: Dubai Holding's portfolio includes Jumeirah Group. Credit: Shutterstock

Dubai Holding, which manages various business park and real-estate interests, expects its 2015 net profits to exceed AED5.5 billion ($1.5bn), having reported a 24% increase in the first half of the year.

The Dubai Holding Commercial Operations Group (DHCOG), which includes TECOM Group and Dubai Properties Group, made AED2.6 billion in the first six months of the year, up from AED2.1 billion during the same period in 2014, according to a statement.

Dubai Holding, which is majority owned by Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum, also counts Jumeirah Group and Emirates International Telecommunications within its DHCOG portfolio.

Ahmad Bin Byat, Vice Chairman and Managing Director of Dubai Holding, said the group will continue “investing in innovation, knowledge, technology, content and business clusters to support Dubai’s efforts in setting up advanced infrastructure.”

The news follows management changes at the Dubai Properties Group, which in August announced it had appointed Abdullatif Al Mulla as chief executive.

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