Abyaar Real Estate Development, a leading Kuwait-based real estate developer, has recorded operational net profits of more than Dh62 million ($16.8 million) for the first quarter of 2007, while the return on capital reached 14 per cent for the same period.

The board also reported that total company assets stand at Dh1.261 billion and total shareholder rights at Dh665 million as of March 31, 2007.

'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,' said chairman of Abyaar Hesham Al Obaid.

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 Dh7 billion in the Dubai market, making us one of the premier developers of luxury serviced residences in the country,' said Abyaar's managing director Marzooq Al Rashdan.

'Following the exceptional results that we have achieved in the UAE, the board has decided to raise the investment up to a total of Dh15 billion by 2010, strengthening our commitment to the UAE real estate market,' he added.

Abyaar launched its first projects in Dubai in 2006, providing luxury serviced apartments in the Dubai Marina area with Pier 24 and Pier 8, in addition to Acacia Avenue.

The 20-storey Pier 24, which will be under the management of Rezidor's Radisson SAS brand, will be completed by October this year.Trade Arabia News Service