Dubai Holding Commercial Operations Group (DHCOG) reported a net profit of AED4.7 billion ($1.27 billion) for 2014, up 42% on the previous year.
DHCOG runs multiple businesses, including hotel group Jumeirah, business park TECOM Investments and Dubai Properties Group. It reported a 14% rise in total revenue to AED13.2 billion with recurring revenues up 8% to AED7.6 billion.
Mohammad Abdulla Al Gergawi, chairman of Dubai Holding, said: "DHCOG is delivering consistently growing recurring revenue streams, which enables us to take advantage of emerging opportunities in further support of Dubai’s diversification strategy."
"Central to Dubai’s diversification is the plan to turn it into a global powerhouse for innovation and the group is investing heavily in support of this aim. We have a number of programmes already running and our AED4.5 billion bundle of initiatives will help drive forward Dubai’s agenda to become the innovation capital for more than 2 billion people who live in the region around us. We are fully committed to Dubai’s long-term economic growth."