Dubai Investments Says Approves 60% Purchase Of Al Mal Capital

Dubai Investments said on Sunday its board had approved the acquisition of a majority stake in investment firm Al Mal Capital.

DI will purchase 60 per cent of the financial firm that manages assets and offers investment banking services. Al Mal shut down its brokerage unit in the fallout of the 2008 financial crisis.

In January, DI said it was close to two acquisitions, worth a combined value of Dhs400 million ($109 million). This included a financial and a real estate firm.

The board proposed a higher dividend for 2014 – 12 per cent cash and six per cent bonus shares. This compares with a seven per cent cash dividend and seven per cent bonus shares in the year earlier period.