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Gulf General Investment Co (GGICO) has approved the AED60mn ($16.3mn) sale of a land plot in the area of Um Al Nahed to Grand Hills LLC.

The decision came after the company received three bids from three potential buyers, and chose the best offer.

The transaction took place on 12 March, 2013, and GGICO’s profit share as a result was AED3mn ($816,000), which were reflected in 2013 fourth quarter results. 

GGICO is a Dubai Financial Market listed public shareholding company established since 1973. The conglomerate has widely diversified activities in manufacturing, industrial, financing and brokerage, insurance, retail, services, trading, transport, hospitality, real estate development and investment in shares and securities.