DOHA: Ezdan Real Estate topped the list of the biggest real estate companies in the Gulf Coopertion Council region. Argaam, a popular business and market portal, issued a list of 100 largest companies of the GCC region, based on their market capitalisation and profits in the year-end results, and ranked Ezdan Real Estate as the No.1 performing real estate company in the region.
Overall, Ezdan Real Estate, which was a Diamond Sponsor of the just-held Arab Games and created a world-class Athletes' Village for more than 6,000 athletes and officials, was placed at the eighth spot in the top 100 list.
According to the assets and net profit, Ezdan is the third biggest company from Qatar after No 1 Qatar National Bank and No 2 Industries Qatar. It is quite remarkable for Qatar that its 20 companies have found spots in the prestigious list of the top 100.
Two Saudi Arabian companies - Saudi Basic Industries Corporation and Al Rajhi Bank -- occupy the top two places, followed by Qatar's QNB and Industries Qatar. Abu Dhabi's Emirates Telecom holds the fifth spot.
Among the best 10, Qatar has three companies, which includes Ezdan Real Estate, while Saudi Arabia boasts of four companies and Kuwait's National Bank of Kuwait (seventh) and Zain complete the top ten group.
Chairman of Ezdan real estate Sheikh Thani bin Abdullah Al Thani, said on the company's steady rise and brilliant performance: "The company has been setting new landmarks in performance. It is a matter of great pride that our company has been adjudged as the best real estate company in the GCC region by the reliable and prestigious Argaam website".
Sheikh Thani bin Abdullah Al Thani also added: "The rating reflects our commitment to produce high-quality work, the will to beat odds and achieve great results. We want to share this good news with all our shareholders, who have been showing their faith in us. This will go a long way in encouraging us to double up our efforts to work with more dedication and sustain the pace of progress."
Ezdan Real Estate's worth rose to QR32.8bn during January to September 2011, as compared to QR31.9bn during the whole of 2010. According to the company's financial results for the closed year, Ezdan Real Estate recorded a net profit of QR201.6m while the net profit for the same period in the 2010 was QR172m.
In recent times, Ezdan Real Estate achieved many distinctions and rating honours by different established newspapers and magazines.
The prestigious Financial Times had classified Ezdan Real Estate, along with the QNB and Industries Qatar, among the largest 500 global companies in the world on the basis of its market capitalization in September 2011. Overall, seven companies were classified in the Financial Times Global 500 from the North Africa and Middle East region and Ezdan was the only real estate developer among those big players.
In October 2011, Ezdan Real Estate earned the ISO 2008-9001 certification from famed TUV Rheinland from Germany for maintaining high standards of quality and management.
The Arabian Business adjudged Ezdan Real Estate as the Best Company Award in its annual function, which was held in Doha, for its wonderful execution of the planning and results. The Arabian Business also placed Ezdan at eighth among the top 50 companies in the Gulf in June 2011.
© The Peninsula 2012
