DUBAI, 10 June 2007 — Abyaar Real Estate Development, Kuwait-based real estate developer in the region, has reported operational net profits of more than AED 62 million for the first quarter of 2007, while the return on capital reached 14 percent for the same period.
Total company assets stand at AED1.261 billion and total shareholder rights at AED665 million as of March 31, 2007.
Hesham Al-Obaid, chairman of Abyaar, said: “Abyaar’s profits for the first quarter of the year have been in line with our expectations and have only helped cement our confidence in the UAE market. These profits have also come parallel to the growth that the Dubai market in particular has experienced in recent years, and is sure to continue in the foreseeable future.”
Abyaar, which holds properties in Dubai such as Dubai Marina Pier 8 and Pier 24, in addition to Acacia Avenue — the first freehold property in Dubai’s Jumeirah district, acknowledged the company’s growth is due to regional development, particularly in Dubai, where Abyaar plans to raise its investments portfolio in the near future.
Abyaar currently has close to AED7 billion in the Dubai market.
