IIB Saudi investors get solid dividends
Riyadh, June 5, 2013
Bahrain-based Islamic lender International Investment Bank (IIB) has announced the second consecutive dividend distribution to the investors of its IIB KSA Investments, which owns an equity stake in Saudi developer Ewaan Global Residential Company.
EGRC was established through a strategic partnership with some of the strongest financial and development institutions in the region and is collectively owned by the investment arm of the Islamic Development Bank (IDB), Al Numu Real Estate Company (a subsidiary of Sedco), The Saudi Public Pension Agency, IIB KSA, and other leading organisations.
EGRC core activity is the development of high quality and affordable residential communities in the region, mainly targeting the middle income sector.
EGRC is the main developer of the Al Fareeda Project, strategically located in the north of Jeddah. The project, being built on 1.1 million sq m of land, will consist of more than 1,750 residential villas of various sizes, commercial spaces and service amenities such as schools, a sport centre, mosques, recreation areas and shopping complexes.
EGRC is also currently developing its second residential community - Al Miyar Project, adjacent to Al Fareeda and will consist of apartments for sale. Furthermore, a new project is under consideration in Jubail, Eastern Province of Saudi Arabia, to develop a 100 villa residential compound.
EGRC is well positioned within the Saudi market as it enjoys a strong cash position, thus allowing it to invest its own resources into development, diversification and growth of its business in Saudi Arabia.
The Saudi company had achieved a net income of SR27.2 million for the financial year ended 31 December 2012.
Commenting on the move, CEO Aabed Al-Zeera said, "We are pleased to announce the second consecutive dividend distribution to IIB KSA investors after strong performance of EGRC in 2012. With robust support from the government, the Saudi residential real estate market in recent years has become one of the most attractive avenues for investing in the middle-income property sector."
"At IIB, our key consideration in investment decisions is the potential for sustainable value growth and as one of the regional market leaders, IIB strongly believes in partnering with companies that share our vision and one such investment is EGRC," he noted.-TradeArabia News Service