Oct 10 2007 |
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Abyaar Real Estate Development reports 50% growth in turnover
Abyaar posts solid results for H1KUWAIT CITY: Abyaar Real Estate Development has recorded an exceptional first six months for 2007, achieving 50 percent growth in turnover in comparison to the same period last year with a net profit of $32,100,000 (AED 118,206,560) with an increase in share profit of AED 1.9. The Abyaar board met recently and confirmed a gross profit of approximately AED 118 million for the six month period ending June 30, 2007. Abyaar Vice-Chairman and Managing Director Marzooq Al Rashdan says the company has been approved for listing on the Kuwait Stock Exchange and it will shortly announce the official date of the first day of trading soon.
"We are confident that we will witness great support from investors whom like us will have full trust in our strategies that have so far proven successful, and we will assure them that our plans will continue to aim for more growth and development within the regional real estate market."
Abyaar
is also studying the idea of being listed in the
Dubai Financial Market
and an announcement will be made about this in 2008.
The company was established two years ago with a mission to invest in the Dubai real estate market. So far it has invested AED 8 billion and the returns of investments has been very good and shown a solid increase every quarter.
"We believe in the Dubai economy and are very optimistic about the future," said Al-Rashdan. "We see continuous growth for the economy that will continue to have a direct positive effect on the property market in the city.
"This will further increase the return on investments for
Abyaar
and we are planning on doubling our investment to reach AED 16 billion in the next three years."
He said it had been a very busy first half year for
Abyaar
with the development of a partnership with Kuwait Sharia-compliant finance specialists
Rasameel
; cementing a major relationship with
Dubai Islamic Bank
and the
Dubai Land Department
; and progress with its Dubai projects.
Abyaar
will soon be announcing a new building at Acacia Avenues (the only freehold project in Jumeirah) and the first of two furnished apartment complexes in the Marina is nearing completion while the foundation and piling work has been completed on the second project.
Abyaar
is a major Kuwait real estate developer, backed by two major investment groups
Aayan Leasing and Investment Company
and
Al Rashdan Group
, which has extensive real estate experience.
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