Doha: Aamal Company (Aamal), yesterday announced the purchase of assets in Doha from related parties through its Aamal Real Estate subsidiary.
These assets include three residential compounds which comprise 24 villas and two buildings containing 20 apartments. They are located in prime locations in Doha including West Bay Lagoon, Al Waab, Abu Hamour and Madinat Khalifa.
The consideration paid for these assets is approximately QR179.5m and its impact will be seen in the first quarter of 2018 with an expected uplift in Aamal Real Estate’s revenue of around QR1.9m, a rise of approximately 9 percent compared with Q1 2017. The transaction was funded entirely through existing cash resources and is expected to increase Aamal Real Estate’s net assets by 7 percent.
Aamal also confirmed that another Aamal Real Estate project - the construction of a 63-apartment residential building - is progressing on schedule and is expected to be completed at the end of the third quarter of 2018.
Sheikh Mohamed bin Faisal Al Thani (pictured), Vice Chairman and Managing Director of Aamal Company, said: “Aamal Company’s diversified business model and focus on vital economic sectors allows us to be an active player in Qatar’s growth, contributing directly to its further development and diversification. Aamal Real Estate is one of the leading real estate companies in Qatar, with a unique property portfolio. This acquisition is in line with our growth strategy of expanding our real estate portfolio in key areas, fulfilling market demand for high quality properties and maintaining our market-leading position.”
“The real estate sector in Qatar has seen steady growth and offers many attractive opportunities as infrastructure projects near completion. It is pleasing to see that Aamal’s diversified business model, solid foundations and strong financial position allow the Company to capture suitable investment opportunities when they arise. We expect the acquisition of these fully-developed and operational assets to have a positive impact on Aamal’s financial position and cash flow. We will continue to expand our property portfolio and seek further opportunities that are in line with our growth strategy and that will add value for all our stakeholders,” he added.
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