Published on : Tuesday, September 9, 2014
Dubai Holding, a global investment holding company, announced the financial results of its business group, Dubai Holding Commercial Operations Group (‘DHCOG’), for the first half of 2014, ending 30th June 2014.
DHCOG continued its strong performance in all of its business lines, which are geared towards supporting the Emirate’s strategy to diversify its income sources and strengthen its position as a leading international financial, economic and tourist hub.
During the first six months of the year, DHCOG’s revenue were up to AED 5.6 bn and EBITDA was at AED 2.8 bn. DHCOG’s net profits reached AED 2.1 bn during the period.
Commenting on DHCOG’s H1 results, H.E. Mohammad Abdulla Al Gergawi, Chairman of Dubai Holding, said: “Our ability to continue to generate solid earnings highlights both the strength of our financial position and the success of our strategy that is focused on investing in sectors vital to Dubai’s economic development. We are confident that our financial position will strengthen further once construction starts in the strategic projects we announced recently.”
H.E. Al Gergawi affirmed Dubai Holding’s commitment to supporting Dubai’s vision and added: “Our strategy follows the growth trajectory of the UAE and Dubai in particular, and we are focused on enhancing the efforts to build a sustainable, knowledge-based economy.”
Also commenting on DHCOG’s H1 2014 financial results, Ahmad Bin Byat, Chief Executive Officer of Dubai Holding, said: “Our solid performance during the first half of 2014, comes as a direct result of our team’s dedication to enhance the Group’s earnings and maintain a regular cash flow, while continuing to look for new and innovative opportunities aimed at further developing the fields we operate in. We are confident that our performance will continue to improve over the second half of the year and we expect our annual net profits to exceed AED 4 bn.”