نائب رئيس مجلس إدارة دبي للاستثمار لـ CNBC عربية: نتوقع طرح شركة على الأقل في سوق دبي المالي قبل نهاية 2024 - video Dailymotion

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00:00I think that the operating profits were stronger and stronger than expected, and greater than

00:08the operating profits for the first quarter of 2023.

00:13The main change was in the adjustment of some expenditures and buildings in matters related

00:22to real estate.

00:24There was a reduction in the value of real estate in the first quarter of 2023.

00:32It was not available in the first quarter of 2024, but I expect that in the next four

00:41quarters, God willing, there will be an increase in the value of real estate for real estate

00:50companies.

00:51Do you expect that, Mr. Khaled, there will be a reduction in the value of real estate

00:58in the second quarter of 2023?

01:01No, no.

01:02Partially, in the second, third, and fourth quarters, God willing, before the end of

01:07the year, I expect that there will be some projects that have moved to, in order to

01:15reduce the value of real estate.

01:18I am sure that this will be a region that will be very difficult to deal with.

01:23But I expect that the level of the project will increase and progress and that the financial

01:30situation would improve.

01:31I am sure that financial and economic conditions of the region will improve.

01:34I expect that the final profit will be 40%.

01:37I expect that by the end of the year it will reach 65% or 70%.

01:42We are still talking about the increase in expenses and the desire to finance.

01:49Today, how does the company deal with these procedures and how do you manage these conditions

01:55for the company's financial standards?

01:58Of course, we are trying to reduce the loan, and I think that compared to the first quarter

02:07or at the end of the year, 2023, we have reduced the loan.

02:12We have reduced the loan and the expenses and the financing from the banks.

02:18But this is a global interest rate that we cannot control.

02:23So, as soon as we reverse the situation, the company's profits will be better and the

02:30cost of the loan will be less, so it will positively affect the profit levels.

02:38You mentioned at the beginning of your speech the issue of taxes.

02:45This is an important part.

02:47It is true.

02:48It is growing and increasing with the increase in expenses.

02:51There are several commitments that have been made to the companies that contribute to the

02:56financial system.

02:57For example, through government initiatives, especially the companies' obligations to

03:04manage the money, to wash the money, to comply, and so on.

03:14All of this is true.

03:16There is a big increase in the cost of the employees.

03:21Of course, the company has a big investment plan in this area.

03:28It has 40 civil employees during the past year and this year, and the efforts continue.

03:37So, there will be an increase in the number of employees and an increase in the cost.

03:45I think that the economic conditions in general are strong, especially that today the Dubai

03:55Assembly announced the expansion of Dubai's government at Al Maktoum airport and the

04:03construction of infrastructure.

04:05This will have a big positive impact on the company from both sides, from the real estate

04:12sector, and also from the industrial companies, which are mostly building materials and

04:18Al Maktoum airport, which is about 15 km away from the Dubai Assembly.

04:26So, there will be benefits in several aspects, including real estate, building materials,

04:41and there are increases in the rents in the Dubai Assembly, especially in employees'

04:47homes, workers' homes, apartments, logistic centers, warehouses, and so on.

04:58So, all of this has a positive impact.

05:00I expect that over the next 8 to 10 years, this area will see a big growth, and I expect

05:07that the benefit of the Dubai Investment Group from this development will be positive to a

05:13large extent.

05:14Okay.

05:15You may have pointed out, Mr. Khaled, these expansions today, and specifically the balance

05:19with the existing projects today in the UAE.

05:23The investment portfolio, the components, I mean, the direction today for the Dubai

05:29Investment Company towards the segments, or the development of the residential segments

05:33in the UAE, and the big focus with it.

05:35We are talking about rising prices.

05:37This will also be a positive thing for you in the near future, because today's reports

05:42indicate that the prices will continue even over the long term for the real estate sector

05:47in general.

05:50Yes, all studies and economic schedules for real estate projects change every day.

05:57We are talking about a project and an economic schedule about three months ago.

06:03Today, drawings and so on are being submitted to the relevant authorities to approve the

06:09establishment of this project.

06:11Over the past three months, there has been an increase in prices, almost 15 to 20 percent,

06:17compared to the prices that we set at the beginning of the project, at the beginning

06:21of the economic schedule study.

06:24I think this increase will continue.

06:27Of course, the company is built on several sides and in several Emirates, and I expect

06:32that these prices confirm the certainty of increasing prices, whether for the developer,

06:40the investor, or the so-called end-user.

06:45Mr. Khaled, in your answer, you indicated that you have reduced your expenses from banks.

06:50How much did you reduce for these bank loans?

06:56I think it is around 400 to 450 million.

07:01Compared to last year?

07:03Of course, it is running.

07:05I don't know the exact amount, but I expect it is within this amount.

07:15We are waiting for initiatives to reduce interest rates, which will positively affect the market.

07:24As I mentioned, in 2023, the company may have paid more than 400 million dinars

07:33in bank benefits on its assets.

07:40Therefore, the big attempt is to reduce some of the debts,

07:45especially if we put a high-strategic plan for acquisitions and withdrawals.

07:51I think this will have a positive impact on income and operating profits.

08:00At this point, you pointed out the issue of acquisitions and withdrawals.

08:04Mr. Khaled, what about acquisitions and withdrawals?

08:13Yes, of course, there are acquisitions and withdrawals.

08:23There are withdrawals in the financial reserve, the real estate reserve,

08:29or the industrial reserve.

08:31There are plans, and they have been evaluated.

08:35Now, the Executive Council is waiting to choose which companies

08:40to withdraw through direct sales or through initial issuance

08:46to certain companies in the Dubai market.

08:50How many companies do you expect to withdraw from, Mr. Khaled?

08:54It will be clear in the third quarter,

08:59and I will be able to talk about it in detail.

09:04Is there a study of the number of companies you expect to withdraw from?

09:11Yes, there is a study.

09:13This study is about choosing which companies to withdraw from.

09:18There are specific dates.

09:21This study was carried out.

09:24At the beginning of 2023, I said that there were initiatives

09:28by the company to evaluate the reserve,

09:32which has about 38 companies.

09:36I think some of these companies have been in the reserve for a long time.

09:40They are profitable companies.

09:42I expect that the situation in the market today

09:46will allow us to move to the issue of issuance in the Dubai financial market.

09:52Of course, the study will be carried out by the Executive Council

09:57to choose which companies are not supposed to go to the market

10:03or register in the market.

10:05We hope to have at least one company before the end of 2024.

نائب رئيس مجلس إدارة دبي للاستثمار لـ CNBC عربية: نتوقع طرح شركة على الأقل في سوق دبي المالي قبل نهاية 2024

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