Dubai ruler’s firm posts higher profit, lower debt

DUBAI, United Arab Emirates, (AP) — An investment company owned by Dubai’s ruler says its earnings rose 61 percent last year as it trimmed its debt load.

Dubai Holding Commercial Operations Group reported full-year earnings Wednesday of 204 million dirhams ($55.6 million), up from 127 million a year earlier.

Revenue dipped 24 percent to 8.83 billion dirhams.

It says its total debt is now 12.8 billion dirhams, down from 14.1 billion in 2010.

DHCOG is a division of a company known as Dubai Holding that is controlled by Dubai ruler Mohammed bin Rashid Al Maktoum. It owns the Jumeirah hotel chain and other investments, including a division that runs many of Dubai’s free-trade zone business parks.