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Profit up 78% at luxury real estate developer Abyaar
Abyaar Announce Q1 Financial Results
Abyaar Real Estate Development (“Abyaar” or “the
company”), one of the leading developers in the Middle East, announced
on Sunday its first quarter results for 2008 to the Kuwait Stock
Exchange and the public.
Profits for the first quarter of 2008 rose a significant 78% to hit
KWD 8,639,350, compared to the KWD 4,842,401 recorded for the same
quarter of last year. Earnings per share increased to 17.84 Fils,
compared 10.05 Fils during the same period last year
Commenting on the results, Mr Hesham Al Obeid, Chairman of Abyaar
said: “The results reflect our successful approach in implementing
Abyaar’s strategy. The results come as a proof of the company’s growing
presence in the region, and a confirmation of the strength of the
Gulf’s property boom, and we are proving ourselves to be the leading
luxury property developer in the Middle East.”
“Being a young company in the market, I am very proud of what
Abyaar has accomplished,” Al Obaid added. “Currently, we are planning
to list in the Dubai Financial Market during the first half of this
year, and have selected the National Bank of Dubai as our financial
advisor and listing agent. Abyaar has increased its investment
portfolio in the UAE, in order to launch new real estate projects in
Dubai and Abu Dhabi.
“Abyaar has entered the Saudi market through a strategic
partnership with on of the kingdom’s major real estate companies to
launch a luxurious residential tower in Jeddah, uniquely located on the
corniche. In addition to pursuing new deals in Saudi Arabia during
2008, Abyaar is also planning to enter the Qatari market through Abyaar
Qatar Real Estate Development.
“With this resounding success for
the first quarter of 2008, Abyaar is headed for more success this year,
as the progress in its projects adds further value to the
accomplishments of its previously-launched projects. Abyaar has already
handed over the VQ Hotel in Dubai Marina, as well as the Business
Centre in Dubai Investments Park, only two years after the launch of
its operations,” Al Obaid concluded.
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