Abyaar Real Estate Development has recorded a 50 per cent growth in turnover during the first half of this year, compared to the same period last year.

The company achieved a net profit of $32.10 million (Dh118.206 million) with an increase in share profit of Dh1.9.

The Abyaar board met recently and confirmed a gross profit of approximately Dh118 million for the six-month period ending June 30, 2007.

Abyaar vice chairman and managing director Marzooq Al Rashdan said the company had been approved for listing on the Kuwait Stock Exchange and it will shortly announce the date of the first day of trading.

“We are confident that we will witness great support from investors whom like us will have full trust in our strategies that have so far proven successful, and we will assure them that our plans will continue to aim for more growth and development within the regional real estate market.”

Abyaar is also studying the idea of being listed in the Dubai Financial Market and an announcement will be made about this in 2008, he said.

The company was established two years ago with a mission to invest in the Dubai real estate market. So far it has invested Dh8 billion and the returns on investments has been very good and shown a solid increase every quarter, he said.

“We believe in the Dubai economy and are very optimistic about the future,” said Al Rashdan. “We see continuous growth for the economy that will continue to have a direct positive effect on the property market in the city.

“This will further increase the return on investments for Abyaar and we are planning on doubling our investment to reach Dh16 billion in the next three years.”

Abyaar will soon announce a new building at Acacia Avenues (the only freehold project in Jumeirah). The first of its two furnished apartment complexes in the Marina is nearing completion, while the foundation and piling work has been completed on the second.

Abyaar is a major Kuwait real estate developer, backed by two major investment groups – Aayan Leasing and Investment Company and Al Rashdan Group, which has extensive real estate experience. – TradeArabia News Service