Dubai Investments, one of the most prominent diversified investment companies listed on the Dubai Financial Market, posted a net profit after tax of AED 289.24 million for the second quarter ending June 30, 2024 — up from AED 266.03 million in the same quarter of 2023. The result underlines the group's resilience even as broader fair-value tailwinds moderated year-on-year.
Q2 2024 Financial Highlights
For the six months ended June 30, 2024, the group's cumulative net profit reached AED 409.20 million, compared with AED 580.48 million in the first half of 2023. The decline reflects lower fair-value gains on investment properties in 2024 versus an unusually strong comparable period.
Stripping out those one-off fair-value adjustments, however, the underlying picture is notably better: adjusted shareholders' net profit after tax rose 78% for the quarter and 83% for the first half — a signal that core operating performance strengthened materially.
Assets and Equity Position
Total assets of Dubai Investments reached AED 21.82 billion as of June 30, 2024, up from AED 21.44 billion at year-end 2023. The equity attributable to company owners stood at AED 13.34 billion, compared with AED 13.46 billion at December 31, 2023.
CEO Comment: Property Market Driving Growth
Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments, said the group was pleased with its quarterly performance. "We are delighted to share solid financial numbers with strong outcomes from our effective business activities," he said, attributing the group's continued success to the buoyant property sector and the strong performance of its investment portfolio — results that, he said, reflect alignment with the UAE's long-term economic development vision.
Key Real Estate Projects Advancing
On the development pipeline, Kalban highlighted two active projects:
- Danah Bay, Ras Al Khaimah — targeting completion by the end of 2024. - Violet Tower, Jumeirah Village Circle (JVC) — a residential project for which off-plan sales launched in Q1 2024.
Both projects form part of the group's strategy to broaden its real estate footprint across the UAE and strengthen its position as a driver of economic growth in the region.
