UAE conglomerate Dubai Investments reported a 36 percent drop in its fourth-quarter profit, as revenues for 2010 fell as the local economy remained weak after the burst of the asset bubble two years ago. Dubai Investments, which is involved in sectors from real estate to manufacturing, said its profit for 2010 was 804.9 million dirhams ($219.2 million).
Its net profit for the fourth quarter is 89.7 million UAE dirhams ($24.43 million), according to Reuters calculations. The company made a profit of 141 million dirhams during the same period last year.
Revenue for 2010 fell to 3.3 billion dirhams in comparison to 3.7 billion dirhams in 2009. The company's chief executive said it has shifted focus to other markets in the region like Saudi Arabia, Libya, Turkey, Qatar and Kazakhstan.
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