(MENAFN) Dubai Investment, or DI, said its board had approved the acquisition of a majority stake in investment firm Al Mal Capital. DI, which is listed on the Dubai Financial Market, also reported an unaudited, preliminary net profit of USD364.9 million for 2014, a 63 percent growth compared to USD223.81 million net profit achieved in 2013, Khaleej Times reported.
DI showed that it would purchase 60 percent of the financial firm that manages assets and offers investment banking services. Al Mal shut down its brokerage unit in the fallout of the 2008 financial crisis.
Dubai Investments jumped more than 7 percent following the announcement to acquire 60 percent of the Dubai investment bank Al Mal Capital. DI, whose largest shareholder is state-owned Investment Corporation of Dubai, grew 13.76 percent to USD0.675.
The diversified Gulf-based investment group, which is in advanced talks to set up a university and a school as part of a move into the expanding education and healthcare sectors, said its Board of Directors had recommended 12 percent cash dividend and 6 percent in bonus shares to the shareholders.
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