AFTAB, a real estate brokerage firm established in the UAE since 2002, has announced a strategy of horizontal diversification and expansion to carry forward the momentum generated by a successful 2006. The developer and broker registered US$100 million in revenues last year and is looking to further pursue its expansionist agenda to address market gaps generated by heightened demand.
AFTAB, a subsidiary of Dubai-based AFTAB Group that has investments in media and advertisement, seafood production, construction and other sectors in the UAE and Iran, said its strong performance in 2006, which delivered a 45 per cent increase in revenue, has been largely due to its strong ties with major developers in the UAE, including Nakheel, EMAAR, Limitless, AMS Group, DAMAC and Tanmiyat. The confidence-boosting performance in 2006 encouraged AFTAB to promote, market, launch and develop more properties in the coming years, including projects in Dubai Marina, Dubailand, Jumeirah Village South, Dubai Sports City, Business Bay as well as Ras Al Khaimah, where it plans to undertake a major project.
"Our company was the first to extensively introduce UAE real estate to the Iranian market. The strategy has resulted in steady growth that has boosted our confidence to further expand operations in different sectors," said Parvaneh Khosravi, AFTAB President. "Our Dubai operations have been very productive and this is largely due to our transparency and honesty in doing business transactions with our clients and investment partners."
The multi-million revenue AFTAB posted in Dubai last year accounted for half of the US$ 200 million its mother company, AFTAB Group, generated in 2006, which has been a big factor in the company's growing enthusiasm in the UAE market.
"The UAE is an excellent investment destination as the government, in line with the instructions of H.H Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE and H.H Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has taken a number of steps to facilitate business activity. The resulting investor-friendly atmosphere has encouraged us to establish a greater presence in the country," Khosravi said.
As a testament to its bullish outlook, the company is pursuing an ambitious expansion plan in Iran, where it will develop the world's biggest ski resort north of the country with a budget of US$ 3.5 billion.
AFTAB boasts a broad clientele base from all around the world including Iran, KSA, India, UK, Russia and The United States.
