Deficit is expected to reach 5.6% or more of national output this year
“I don’t know how strong the earnings are going to be,” Khalid bin Kalban told Reuters, adding the firm had yet to close all its positions for 2008.
“The (overall) company is doing well, but our financial investments have taken a major hit. There are good earnings from other group companies and this will compensate for that.”
Dubai Investments, the UAE’s largest diversified holding firm by market value, had third-quarter net profit of Dh635 million ($172.9 million), a rise of 137 per cent.
Its plan to sell a stake in one of its companies each year remains on track but poor market conditions mean it will tread cautiously in 2009, Khalid bin Kalban said. A local newspaper quoted Khalid bin Kalban as saying the firm is willing to sell an up to 40 per cent in its subsidiaries when market conditions improve.
“This is the plan from day one, everything we do we look for an exit,” Khalid bin Kalban said. “Earlier this year, we promised the market that when conditions were right we would sell stakes in one company each year and we did that this year.”
The company, whose businesses range from glass-making to pharmaceuticals, sold a 40 per cent stake in private equity unit M’Sharie this year, raising Dh400 million, but its planned initial public offering for the division remains on hold.
Deficit is expected to reach 5.6% or more of national output this year
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