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Dubai Holding, a global investment holding company, recently announced the financial results of its business group, Dubai Holding Commercial Operations Group (DHCOG), for the first half of 2014. Revenue reached Dh5.6 billion, while DHCOG's net profit hit Dh2.1 billion during the period.
Mohammad Abdulla Al Gergawi, Chairman of Dubai Holding, said: ''Our strategy follows the growth trajectory of the UAE and Dubai, and we are focused on building a sustainable, knowledge based economy.''
Ahmad Bin Byat, Chief Executive Officer of Dubai Holding, said: ''We expect our annual net profit to exceed Dh4 billion.''
Dubai Holding operates in 24 countries through four leading businesses. These are the Jumeirah Group, a global luxury hotel company; Tecom Investments, which manages business parks in multiple sectors; Dubai Properties Group, one of the largest fully integrated real estate and community development businesses in Dubai; and Emirates International Telecommunications, which runs a portfolio of regional and international technologies and telecommunications assets.
During H1, the Jumeirah Group agreed to operate a luxury resort being developed in Mauritius. It has also signed an agreement to operate 169 luxury serviced residences in addition to the 207-room Jumeirah Guangzhou, which is nearing completion. It recently opened a hotel in Kuwait, with properties in Oman, China and Bali scheduled to open soon.
Meanwhile, Tecom Investments' Dubai Design District issued more than 140 licences to local and international design companies. Another project by Tecom is Butterfly — a two-tower retail and commercial project in Al Sufouh — offering 255,000 sq ft of first-class facilities and infrastructure.
Dubai Properties Group launched new projects in the first half of the year, introducing almost 800 apartments, including units at the luxury residential project Manazel Al Khor in Culture Village, as well as units in Remraam and Mudon's second phase of luxury villas.
DPG also completed work on Bay Square and started delivering units, and undertaken major remodelling of The Walk at JBR.
At the beginning of the second half of the year, Dubai Holding announced the launch of Mall of the World, a 48-million-sq-ft climate-controlled development. The project will house the world's largest shopping mall and theme park. Work is expected to commence in the first quarter of next year.
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Source: Property Weekly