(MENAFN - Khaleej Times) Dubai investments (di) the largest investment company listed on the dubai financial market (dfm) has raised the foreign ownership limit in the company from the existing 20 per cent to 35 per cent.
a proposal to this effect was approved at the 18th annual general meeting and extraordinary general meeting at dubai investments house on wednesday. the company also approved a proposal to distribute seven per cent cash dividend and seven per cent bonus shares for the year ending december 31 2013.
the agm also re-elected the same board of directors for a term of three years. the board includes sohail faris ghanim al mazrui hussain mahyoob sultan al junaidy khalid jassim bin kalban ali fardan ali al fardan and mohamed saif darwish al ketbi.
in his keynote address at the agm al mazrui spoke about the strong growth achieved by di in 2013 and the promising outlook for 2014. “dubai investments has registered fast-paced growth over the years with a strategic focus across three industry sectors — property manufacturing and contracting and investments and aims to add value to its diversified portfolio through prudent use of capital and sound management skills” al mazrui said.
around 67 per cent of di’s total asset base is in the property sector which positions di as a major real estate player in the uae. di plans to develop its land bank of nearly 25 million square feet of gross floor area owned by its subsidiaries dubai investments park development dubai investments real estate company al taif investments and properties investments a joint venture company.
di’s manufacturing businesses have also witnessed a strong growth thrust across a wide array of manufacturing and processing industries. di’s investment portfolio of dh1.06 billion comprising investment in trading shares bonds structured products and other minority investments have also realised gains over the years.