Dubai Investments mulls projects in Saudi Arabia: CEO

Khalid Bin Kalban, Vice Chairman and CEO, Dubai Investments 

DFM-listed Dubai Investments Co. (DI) is in talks with several authorities in Saudi Arabia to explore potential investment opportunities, particularly the development of a business park similar to Dubai Investment Park, Khalid Bin Kalban, Vice Chairman and CEO, told Argaam in an exclusive interview.  

Bin Kalban said several parties in the Kingdom showed interest in studying possible partnerships and investment in DI’s subsidiaries, adding that he will pay a visit soon to the Kingdom to discuss these opportunities. 

On the other hand, Bin Kalban described the current economic conditions as “positive”. He added that higher property sales and reassessment were among the factors that bolstered the company’s performance in the first half of 2023. 

He expected the company to report better profit in the coming quarters and real estate prices to continue rising in Dubai until the end of 2024. 

DI will embark on its projects in Angola, as part of its plans to explore possible acquisition opportunities and start investment in Saudi Arabia. 

When asked about DI’s plans for Monument Bank, Bin Kalban explained that the company acquired a 9% stake in the UK-based digital bank, which focuses on mortgage finance. The bank reported robust growth following DI’s acquisition. It is a digital bank that attracts deposits and grants real estate finance only.  

The bank aims to obtain licenses in the UAE, Saudi Arabia and India. The bank’s capital was raised to GBP 1.5 billion and was listed on NASDAQ, Bin Kalban concluded.