Abyaar 9-month net surges to $90m
Kuwait, November 4, 2008
Abyaar Real Estate Development, a leading luxury developer in the Middle East, said its net profit for the first nine months of 2008 almost doubled to KD24.3 million ($90 million) from KD12.5 million ($46.3 million) last year.
Abyaar is a joint venture between Kuwait’s Aayan Leasing and Investment Company and Al Rashdan Group.
Announcing the financial results, Hesham Abdul Wahab Al Obeid, chairman of Abyaar said the company had posted a year-on-year increase of 95 per cent.
The earnings per share rose to 50.14 fils per share for the first nine months of 2008, compared to 25.87 fils per share for the same period of last year, he noted.
“Abyaar is keen on continuously updating its financial results, as an evidence of the company’s commitment to the values of integrity and transparency. We are proud to showcase the significant growth in our business activities during this year,” he commented.
During the first nine month period of 2008, Abyaar had launched its new corporate identity, which better represents the company’s objectives and outlook.
"We have great confidence in Dubai’s real estate sector and economy in general, and believe Dubai is the safest and most convenient market for most of regional capitals, despite the current financial crisis," Al Obeid stressed.
Al Obeid pointed out that despite the current downfall in US and European markets and its impact on Gulf market, Abyaar had boosted its investments in Dubai during the year.
"Abyaar’s expansions come as part of our strategy of risk allocation, and not the result of decreased opportunities or market saturation in Dubai," he added.-TradeArabia News Service