Today's Edition
ANUPAM VARMA (ABU DHABI)
Dubai Investments announced its first flagship mixed-use development in Africa on Wednesday.
The 2,000-hectare Dubai Investments Park (DIP) Angola will be an integrated mixed-use residential, commercial and industrial hub, with 3 kilometers of coastline and a 2-kilometer stretch of sandy beach, along with an 18-hole golf course.
The project is located in Dande Municipality, Bengo Province, 50 kilometers from the national capital Luanda and 33 kilometers west of the provincial capital Caxito.
“Dubai Investments Park Angola stands as a momentous milestone, representing the group's premier endeavour at such a grand scale, signifying the beginning of a journey towards global expansion. This strategic step reaffirms the group's unwavering belief in Africa's promising economic terrain, aiming to catalyse sustainable growth and progress across the continent. It underscores Dubai Investments’ steadfast dedication to utilising its expertise in crafting prosperous mixed-use developments,” Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments PJSC, said.
Developed by Dubai Investments International Angola, a wholly owned subsidiary of Dubai Investments, the DIP Angola project is in alignment with the Ministry of Environment’s regulations for environmental protection and conservation and adheres to the United Nations’ Sustainability Goals (SDGs).
It achieves this through integrated renewable energy, smart water management, innovative landscaping, and other future-proofed sustainable initiatives.
The development aims to become a tourism and industrial hub, with sustainable development aligned with the Angola Ministry of Environment.
Dubai Investments will develop the infrastructure and lease land to developers and investors.
Deals in 2023
January 26, 2023: Dubai Investments acquired a 9 per cent equity stake in Monument Bank Ltd, a UK-based digital bank. In November, Dubai investments acquired an additional 7.68% equity stake in the bank.
March 2: Dubai Investments signed four MoUs as part of the Ministry of Industry and Advanced Technology’s ‘Industrial Partnership for Sustainable Economic Growth’, in Amman, Jordan. The signing saw Dubai Investments’ wholly owned subsidiaries, Globalpharma and Emirates Float Glass, as part of the collaborations within the pharmaceutical and glass sectors.
July 11: Dubai Investments and E20 Investment, an Abu Dhabi-based agribusiness investment company, signed an MoU to develop 3,750 hectares of agricultural land in Angola. The project's objective was to cultivate rice and avocado crops.
Earnings report
Dubai Investments reported net profit of Dh817.02 million for the nine-month period ended September 30, 2023, compared to Dh1.49 billion for the same period last year. Total income for the period was Dh3 billion as compared to Dh3.27 billion for the same period last year. Total assets reached Dh21.08 billion at the end of Q3 2023.
