| 30 Jul 2009 |
|
Ezdan awaits nod for mega projects
- Text size
DOHA: Ezdan Real EstateEzdan Real Estate
is waiting for approval to build big malls in Al Gharrafa and Wukair (near Al Wakra) while it also wants to construct a large school. The company is also mulling a possible merger with International Housing Group, its officials said yesterday.
The company netted QR203m in profits for the first half of 2009, its CEO, Hesham Al Sahtari said.
The results show an increase of QR96.7m in net profits compared to the same period last year, which represent a 91 percent increase.
"Despite the financial crisis having its effect on the region, EzdanEzdan has managed to make an increase in operational profits, and strengthen its financial presence" said Al Sahtari "We are confident we will have the same positive results for the next half year results".
Al Sahtari said: "EzdanEzdan
is continuing its efforts to provide distinguished residential units in prime locations in Qatar dedicated to the middle income sector, which will have a positive impact on the company's future results". Shareholders equity totalled to over QR6.6bn for the first half, a QR1.15bn increase from the same period last year.
The strong financial results for this half has been due to the company's diverse activities which attempt to improve the level of services and the follow up of the development in the general Qatari market, especially the real estate sector, claimed Al Sahtari.
Total earnings from renting EzdanEzdan's development has reached QR239m, compared to QR144m for the same period last year, which present a 66 percent increase.
The increase was the result of the renting of the Al Wakrah complex, which compromise 640 residential apartments and 158 villas. When asked what new developments EzdanEzdan will be presenting, Al Sahtari pointed the Wakrah Compound 3 will be available for rent on the fourth quarter of this year, and will be a fully functioning development, and an integrated society with all the facilities and services the residents will need.
"We currently have many projects under development, and some projects are being studied for the future" said Al Sahtari.
Al Sahtari also talked about a possible merger with International Housing Group, which the company is currently studying.
"The possible merger with International Housing Group, would put EzdanEzdan at a greater presence in the real estate market, due to the increase in the capital of the company, which gives us an opportunity to expand our projects" said Al Sahtari.
By Jaber Al Musallam
© The Peninsula 2009
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Loading ...
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.