Dubai Investments plans global expansion, beginning with Central Asia - IFN

Dubai Investments plans global expansion, beginning with Central Asia

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GLOBAL: Dubai Investments Company (DIC) which announced its Sukuk plans earlier in July has disclosed its future ventures in a bourse filing to the Dubai Financial Market yesterday. It was mentioned in the brief that nine of DIC’s subsidiaries had participated in a construction trade exhibition held in Kazakhstan earlier this month, signifying major interest in the republic’s infrastructure sector. The company currently has a presence in the Kazakhstani export-import market through several of its subsidiaries. Abdulaziz Yagub Al Serkal, the general manager of DIC, said: “This is a great opportunity to exchange knowledge and tap into business and growth opportunities in Kazakhstan and neighbouring states.” At present, the company is also working together with Dubai Exports, an agency of the Dubai government’s Department of Economic Development to reinforce its growth strategy in global export markets. The company is said to be keen to engage in several expositions across the globe, such as the upcoming event in Azerbaijan in October, to tap into market opportunities as well as explore export capabilities in the region. Commenting on the venture, Abdulaziz said: “Our association with Dubai Exports is aimed at building bridges with trade bodies and businesses across key economies globally.” Khalid Kalban, the CEO of DIC, previously revealed that the company will be issuing a US$300 million five-year Sukuk carrying an expected profit rate of 5%, to refinance its existing debt and to fund its expansion and acquisition plans. In the first six months of the year, DIC recorded a 116% hike in net profits to AED370 million (US$100.7 million) from AED171 million (US$46.54 million) in the corresponding period last year. The company’s total assets stood at AED12.8 billion (US$3.48 billion) with a consolidated income of AED1.29 billion (US$351.12 million) as of the 30th June 2013.