Dubai Investments

Dubai Investments: the listed parent

As of: 2026-06-30

Dubai Investments PJSC, traded on the Dubai Financial Market as DIC, was incorporated in 1995. It is a diversified operating and investment group covering real estate, industrial manufacturing, contracting, financial investments, healthcare and education. This profile refers to the listed parent, its consolidated subsidiaries and interests in equity-accounted investees. Dubai Insurance is a different issuer. The group combines rental and development income with manufactured products, services and investment returns. Its consolidated accounts describe the combined portfolio; they do not establish how much unrestricted cash is available at the parent to distribute or reinvest.

How the portfolio earns income

As of: 2026-06-30

The reporting structure has three segments. Property develops real estate for sale and leasing. Manufacturing, contracting and services includes construction materials, raw and architectural glass, pharmaceuticals, extruded aluminium, laboratory furniture, healthcare and education. Investments covers strategic holdings, investment banking, asset management and financial investments. Their economics differ: rent depends on occupied space and lease terms; construction and manufacturing depend on orders, execution, pricing and costs; investment returns can include non-cash valuation changes. A profitable holding company therefore need not have equally strong cash generation in every subsidiary. Segment results should not be treated as standalone dividends available to the parent.

Subsidiaries and changes in the perimeter

As of: 2025-12-31 / 2026-06-30

The annual subsidiary schedule includes wholly owned Dubai Investments Industries, Glass LLC and Dubai Investment Real Estate. Industrial businesses beneath these platforms include Emirates Building Systems, Globalpharma, Emirates Float Glass and Emirates Glass. Masharie is another industrial holding platform with minority shareholders. During the first half of 2026, the parent moved its entire Dubai Investments Park Development holding into wholly owned DIP Holding; this internal transfer did not sell the park outside the group. Al Mal Capital ownership increased to 84.86%, while the reported effective Al Mal Capital REIT holding was 75.99%. After June, the group acquired the remaining 80% of Clemenceau Medical Centre and 49% of White Aluminium, making them wholly owned. Those subsequent events must not be retroactively included in the half-year operating perimeter.

Shareholders and governance boundaries

As of: 2025-12-31

At December 2025, the disclosed holders above the reporting threshold were Investment Corporation of Dubai with 11.54%, Salem Abdulla Salem Al Hosani with 6.35%, Al Fardan Real Estate with 6.11%, and Mohamed Saif Darwish Ahmed Al Ketbi with 5.09%. These holdings establish a government-linked shareholder alongside private investors, not sole government control. The register reported 4,252,019,585 shares. The residual ownership is not labelled freely tradable stock or foreign-investor capacity. Ownership dates matter: this annual snapshot is not a real-time register. Assessing the group also requires attention to subsidiary minorities and related-party dealings, rather than assuming that every asset belongs economically in full to the listed shareholders.

Property assets and geographic exposure

As of: 2025-12-31 / 2026-06-30

Dubai Investments Park is an industrial, logistics, residential and commercial ecosystem covering 23 million square metres in the annual description. Its infrastructure and ancillary facilities sit on a long-term government land lease, with a contractual share of realised property profits payable to the government. This differs from unrestricted freehold ownership. The broader portfolio includes residential and commercial buildings, warehouses, labour accommodation and development land. Investment property had a carrying value of AED 11,104.395 million at June 2026; carrying value is not cash or a look-through valuation of the parent. Revenue is mainly generated in the UAE and other GCC countries and assets are mainly in the UAE. Angola development agreements extend the international footprint but do not establish completed projects or earned revenue.

Industrial capabilities and capacity

As of: 2025-12-31 / 2026-06-30

The industrial portfolio spans float and processed architectural glass, steel structures, insulation, aluminium extrusion and pharmaceuticals. Emirates Building Systems designs and fabricates steel structures; Emirates Glass processes architectural glass; Globalpharma produces generic and herbal medicines. The annual report describes Emirates Float Glass capacity exceeding 190,000 tonnes per year. It separately reports construction of a second line, with investment above AED 600 million and planned daily capacity increasing from 600 to 1,200 tonnes. These are different operating and project measures: planned capacity is not current output, and neither establishes utilisation. The selected interim report does not confirm commissioning of the expansion. Energy costs, order mix, plant uptime and quality compliance are relevant alongside installed scale.

Financial results: keep income categories separate

As of: 2026-06-30 / 2025-12-31

Figures in the table are AED millions, converted from the statements' AED thousands. The first-half columns cover six months; the annual column is a separate audited baseline and is not a sequential growth comparison. Total income includes customer activity, fair-value movements, investment gains and investee profit; it must not be renamed customer revenue. Profit attributable to owners exceeds total group profit when non-controlling interests incur losses. The latest interim statements were reviewed, not audited as annual accounts. Rental income increased and manufacturing performance improved, but headline profit remains sensitive to property and investment valuation. Half-year profit is not annualised here.

Segment performance and useful operating indicators

As of: 2026-06-30

In the first half of 2026, property generated AED 1,149.865 million total income and AED 595.994 million profit before tax. Manufacturing, contracting and services produced AED 775.568 million income and AED 69.449 million pre-tax profit, versus AED 28.884 million pre-tax profit a year earlier. Investments contributed AED 37.311 million pre-tax profit. These are accounting segment results, not EBITDA or cash distributions. For property, occupancy, rental renewal economics and net operating income would help distinguish durable rent from valuation changes. For factories and contracting, utilisation, volumes, backlog and margins would explain performance. A consistent group-wide series of those operating indicators is not provided in the selected statements.

Valuation gains and cash earnings

As of: 2026-06-30 / 2025-12-31

The first-half 2026 income statement included AED 208.661 million gain on investment-property valuation and AED 9.919 million loss on investment valuation. These do not represent corresponding cash receipts or payments. In the annual baseline, investment-property and investment fair-value gains were both positive and materially supported profit. Equity-accounted profit is also distinct from cash dividends received from investees. Simply subtracting valuation gains would not create a fully normalised earnings measure: taxes, operating costs, disposal effects and investee economics still matter. Book equity and investment-property carrying values should therefore not be presented as a ready-made net asset valuation for the listed shares.

Cash generation and access to liquidity

As of: 2026-06-30

First-half operating cash inflow was AED 772.726 million, helped by AED 305.970 million from related-party, trade and other payables. This working-capital contribution should be considered when judging repeatability. Cash purchases of property, plant and equipment were AED 128.646 million. Balance-sheet cash equivalents of AED 1,494.014 million differ from cash-flow cash equivalents of AED 1,363.728 million because the latter deduct bank overdrafts. Separate deposits of AED 65.600 million were under lien. Consolidated liquidity is distributed across legal entities and cannot automatically be treated as unrestricted parent cash. Cash remaining after a narrow capex subtraction is not presented as free cash flow available to shareholders.

Borrowings and capital commitments

As of: 2026-06-30

At June 2026, current bank borrowings were AED 2,388.683 million and long-term bank borrowings AED 3,647.438 million. Lease liabilities are separate. The borrowing note describes maturities of one to ten years and predominantly floating pricing over EIBOR or SOFR. Security includes property and other asset mortgages, receivables, deposit liens and corporate guarantees. Where guarantees exist, the parent's liability is generally limited to its equity percentage in the borrower, according to the note; this is not a blanket exemption from subsidiary risk. Contracted and committed obligations totalled AED 1,303.693 million. Parent-only debt, unrestricted cash and quantified covenant headroom are not established by these consolidated totals.

Dividend: approval and payment distinguished

As of: 2026-06-30

The annual general meeting on 23 April 2026 approved AED 0.25 per share for the previous financial year. The interim note confirms payment in May 2026, and the cash-flow statement records AED 1,063.005 million paid. This is stronger evidence than the earlier announcement of approval alone. It is a historical distribution, not a promise of the next dividend. The payment exceeded the half-year operating inflow, while the group also drew and repaid bank facilities; those facts should be read together without assigning a specific source of funding that the statements do not trace. No dividend yield is calculated without a dated market price.

Strategy, execution and risks

As of: 2025-12-31 / 2026-06-30

Capital allocation combines industrial expansion, property development, healthcare acquisitions and financial holdings. The glass expansion and announced property projects can support future growth, but require construction execution, demand and funding. Healthcare consolidation changes operating complexity and future comparability. Main risks include property valuation reversals, weaker leasing or sales, factory energy and input costs, contract execution, customer credit, investment-market losses and refinancing. Diversification reduces dependence on one product but does not remove UAE property exposure or holding-company complexity. Useful evidence of progress would be sustained rental cash, industrial margins supported by volumes, disciplined project spending and transparent subsidiary cash transfers. The profile makes no valuation or trading recommendation.

Official contacts and source dates

As of: 2026-08-31 / 2025-12-31 / 2026-06-30

The registered postal address is P.O. Box 28171, Dubai, United Arab Emirates. The corporate telephone is +97148122400; the functional investor-relations address is IR@dubaiinvestments.com. Reports and disclosures are available through the issuer's investor-relations page. Personal mobile numbers and individual email addresses are not reproduced. This profile uses the June 2026 interim statements and the December 2025 audited and governance baseline, with the current issuer registry checked on 31 August 2026. Annual ownership and capacity descriptions keep their original dates. Section references use physical PDF pages, not printed page numbers. Source documents remain linked at the issuer's official hosting locations.

Sources

1. A · Source A · 2025-12-31
2. G · Source G · 2025-12-31
3. H · Source H · 2026-06-30; released 2026-08-10
4. P · Source P · 2026-06-30; released 2026-08-10
5. I · Source I · 2026-08-31