DIFC Investments annual profits fall 13 per cent

DIFC Investments reported a 13.6 per cent fall in annual profits for 2014, which it attributed to lower fair value gain on investment profits.

The investment unit of Dubai’s financial free zone, whose US$700 million sukuk is listed on Nasdaq Dubai, said yesterday in a regulatory filing that profits fell to $176.1 million during the year, down from $203.8m in 2013.

The decline in profitability comes despite a 22 per cent rise in revenues to $182m.


The fall was largely attributed to a substantial decrease in the fair value gain on investment properties, which fell by nearly 50 per cent to Dh120.1m.

“Despite the fragile global economic environment and emerging geopolitical risks in the Middle East, DIFCI has reported a strong operational and financial performance, highlighting our resilient business model and further cementing Dubai’s position as a leading global financial centre,” said the DIFC chairman Essa Kazim.

“We are confident 2015 will prove to be yet another landmark year for DIFCI and DIFC.”

The centre reported an 18 per cent rise in active registered companies during 2014, with the number of people working in the free zone rising to 18,000 by the end of the year.

Separately, the DIFC said it would participate in Dubai Week in China, starting on May 8. The event is expected to bring together government officials, high net worth individuals and global companies.

jeverington@thenational.ae

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