Abyaar Real Estate Development’s Board of Directors met on Thursday the 1st of November and approved the financial results for the 3rd quarter ending on the 30th of September 2007.
The company registered AED 166 million net profit for the 9 months of the year ending September 30th 2007 with AED 4.2 profit per share. Net profit registered for the 3rd quarter from 30 June 2007 to 30 September 2007 is AED 46.4 million with AED 1.2 profit per share.
These earnings follow the successful listing of the company on the Kuwait Stock Exchange on 29th of October 2007.
Mr. Marzooq Al Rashdan Vice Chairman and Managing Director of Abyaar said “Our decision to get listed came from our confidence in the regional property markets that still show great potential and will continue to do so in the years to come and our company’s plans will take advantage of this potential to ensure continuous growth of our project portfolio and financial results.”
“Our strong financial performance this year has been in line with our expectations and has only helped cement our confidence in the property market in Dubai. We have also been monitoring near by markets such as Qatar and Saudi who have caught our attention and we are seriously considering venturing into those countries in 2008,” he added.
Construction work on the Abyaar projects is on its way with the first project the Venti Quattro Radisson SAS Residence located in Dubai Marina expected to be delivered by the end of this year. A second VQ luxury furnished suites building is due to open in 2009 along with the completion of Abyaar’s luxurious Acacia Avenues project which is considered to be the only freehold development on offer in the Jumeirah district. The project will include 6 residential towers over looking the sea surrounded by 50 exclusive villas that offer the ultimate experience in luxury.
The company is also building The Business Centre a six-storey commercial development at Dubai Investments Park.
