Oct 07 2007 |
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UAE: Abyaar may list on DFM
DUBAI -- Abyaar Real Estate Development , a regional property developer based in Kuwait, yesterday announced increased net profits and turnover as it vowed to double to Dh16 billion its investments over the next three years.Abyaar has so far invested Dh8 billion since it began operating in 2005, reporting a "solid" return on investments every quarter, it said in a Press statement.
"We believe in the Dubai economy and are very optimistic about the future," said Marzooq Al Rashdan, vice-chairman and managing director of Abyaar . "We see continuous growth for the economy that will continue to have a direct positive effect on the property market in the city."
He added: "This will further increase our return on investment and we are planning on doubling our investment to reach Dh16 billion in the next three years."
Backed by two major investment groups -- Aayan Leasing and Investment Company and Al Rashdan Group -- Abyaar announced a net profit of Dh118.21 million during the first half of this year compared to a year ago. It posted a 50-per cent increase in turnover covering the same period.
© Khaleej Times 2007
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