Dubai Investments PJSC, a subsidiary of Dubai’s sovereign wealth fund the Investment Corporation of Dubai, witnessed an increase in net profit of 36% for the third quarter of 2016 year-on-year, Gulf News reported on Tuesday.

Dubai Investments recorded a net profit of AED 334.4 mn for the third quarter, up from AED 246.1 mn in the same period last year. The net profit for the first nine months rose 13%, reaching AED 850 mn.

The company’s gains were mainly driven by strong increases in rental income, which went up AED 113 mn in the first nine months. Total income increased by 17%, to AED 2.2 bn, also for the first nine months of 2016.

Dubai Investments’ total asset value reached AED 16 bn by the end of September, an increase of AED 797 mn. AED 9.7 bn of these are real estate assets, the company also holds shares in manufacturing and construction assets as well as investment and treasury holdings.

“Dubai Investments will continue to expand its position in real estate,” said Khalid bin Kalban, Managing Director and CEO of Dubai Investments