Dubai: Dubai Investments has announced the distribution of 12.5 per cent cash dividend to the shareholders for the financial year ending December 31, 2022.

At the company’s annual general meeting held on April 26, the shareholders also accepted the board’s recommendation to enhance the size of the board, increasing the total number of board members from seven to nine.

The elected board members include Abdulrahman Ghanem Abdulrahman Almutaiwee, Khalid Bin Kalban, Ali Fardan Ali Alfardan, Khaled Mohammad Ali Alkamda, Hussain Nasser Ahmed Lootah, Mohammed Saif Darwish Ahmed Alketbi, Faisal Abdulaziz Alshaikhmohamed Alkhazraji, Ahmed Salem Abdulla Salem Alhosani and Hind Abdulrahman Qassim Mohammad Alali.

The group reported profit attributable to the shareholders of the company of Dh1.60 billion for the year ended December 31, 2022 as compared to Dh619.49 million in the previous year. This surge in the net profit was a result of the gain on disposal of controlling interest and fair value gain on retained investment in Emirates District Cooling, amounting to Dh980.42 million.

Speaking at the AGM, Abdulrahman Ghanem Abdulrahman Al Mutaiwee, Chairman of Dubai Investments, acknowledged that the group is cautiously optimistic about 2023 and is well poised to capitalise on the opportunities arising out of the prevailing market conditions and endeavours to expand presence across the local, regional and select African countries.