Dubai Investments enjoys 227% growth in net profit ...United Arab Emirates

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Dubai Investments enjoys 227% growth in net profit
Dubai Investments PJSC has reported net profit of $406mn for the period ended 30 September 2022, an increase of 227%, as compared to $124mn for the nine-month period last year. The profit is higher by $280mn, mainly due to massive gains accrued by disposal of a 50% controlling interest and ‘fair value gain’ on retained investment in Emirates District Cooling (Emicool), worth $267mn. In October 2021, Dubai Investments said it would develop a $272mn mixed-use project on Al Marjan Island and, in April 2022, it said it was divesting a 50% stake in Emicool to Actis in a $1bn deal. The group’s manufacturing, contracting and services segment has also continued its strong performance. Total income

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