- Profits rise to more than AED 8 million -

Dubai, March 29, 2005: The Board of Directors of Emirates Real Estate Corporation (EREC), today held a meeting to approve the Corporations annual report for 2004, and to discuss progress in EREC's current projects. The meeting was held at the premises of the Ministry of Finance and Industry in Dubai.

The board approved the annual report for the financial year ended December 2004 which was prepared by external auditors. The net profit of EREC for the 12-month period shot up to nearly eight million Dhs (8 million). EREC posted a net profit of more than one million Dhs in 2003.

During the course of the meeting, Abdullah Al Huraiz, General Manager of EREC, presented to the Board the financial and administrative report of the corporation. He also briefed them about the projects, which began in 2004 and the status of these projects.

"The hike in our net profit is mainly due to the fact that some projects were completed and rented out. Also, working according to the highest international standards guarantees both quality products and a significant profit margin," said Al Huraiz after the meeting.

Al Huraiz expects EREC's net profit to be around sixteen million Dhs (16 million) in 2005 in light of the estimated budget for the year.

"The Board also approved in the budget the 2004 revenues which totaled about thirteen million (13 million) in comparison to about four million AED( 4 million) in 2003," added Al Huraiz.

In addition, the Board also approved the establishment of the Customer Service Centre that will enable EREC customers to finalize their transactions related to EREC is a smooth and timely fashion. It will also enable EREC to provide quality services to its stakeholders.   

EREC is responsible for the selection and design of all ministry buildings in the UAE as well as worldwide, including insurance and maintenance of these properties.  Its aim is to offer the highest standards possible.

-Ends- 

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© Press Release 2005