Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Al Mazaya Holding Company subsidiary First Dubai profits soar to USD23.8m on strong sales and leasing  Join our daily free Newsletter

MENAFN Press - 27/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN Press) First Dubai Real Estate Development, a subsidiary of Kuwait-based Al Mazaya Holding Company, saw profit growth of more than 757 percent in 2013 as a result of strong sales and rental performance.



The company, responsible for iconic UAE developments such as the 43-storey Sky Gardens and the 29m sq. ft. The Villa residences, posted a USD23.8m profit in 2013, compared to USD2.8m in 2012. Earnings per share of USD0.24 compared to USD0.03 twelve months previously.



Engineer Ibrahim Al Saqabi, vice Chairman of the First Dubai Real Estate Development board of directors said: "We are pleased to announce financial results that support our longstanding claim that the UAE's real estate market is still full of opportunity for developers and agents prepared to offer genuine quality.



"Today, more than ever before, the UAE's property buyers are discerning. First Dubai Real Estate Development is known throughout the Gulf as a provider of excellent residential and business properties, and this reputation underpinned our success in 2013



"In 2014, we will continue to invest heavily in both our people and our facilities to ensure we continue to push ahead and repay the faith of our shareholders."



First Dubai Real Estate Development saw operating revenues in 2013 of USD18.8m, almost doubling the USD9.8m seen in 2012



2013 was marked by several highlights for the company, including the completion and successful delivery of The Villa project in Dubai Land, and high demand for office space in Business Avenue in Jumeirah Lakes



An occupancy rate of 88 percent was achieved at the Sky Gardens project in Dubai International Financial Centre.



First Dubai Real Estate Development finished 2013 with assets amounting to USD257.1m, compared to USD235.1m a year previously. Liabilities were USD49.1m, some USD4.8m less than in 2012.



"We are pleased to see stability returning to the UAE property market. In 2014 we will press ahead with several projects, some of which are currently undergoing feasibility studies. These include Shams Abu Dhabi, located on Al Reem Island and the Q Point project in Liwan, Dubai," Engineer Al Saqabi said


About First Dubai
First Dubai

 


MENAFN Press




  MENA News Headlines
 May 24 2015 - Kuwait- Min. of Amiri Diwan receives KISR delegationKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Minister of Amiri Diwan Affairs Sheikh Nasser Sabah Al-Ahmad Al-Sabah received a delegation of the Kuwait Institute for Scientific Research (KISR) including Dr. ...

 May 24 2015 - Kuwait- His Highness Crown Prince receives top officialsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah received on Sunday at Bayan Palace His Highness the Prime Minister Sheikh Jaber Al-Mubarak ...

 May 24 2015 - GCC-EU ministerial meeting held amidst critical developments - Qatari FMKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Qatari Foreign Minister Khaled Al-Attiyah said GCC-EU ministerial meeting, in Doha on Sunday, was held amidst critical regional and international developments, ...

 May 24 2015 - Kuwait- Info Min. stresses important role of FANA amid current circumstancesKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Minister of Information and Minister of State for Youth Affairs Sheikh Salman Sabah Salem Al-Humoud Al-Sabah on sunday underlined the important role of the ...

 May 24 2015 - Arab army chiefs resume meetingKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The chiefs of staff of Arab armed forces resumed their meeting here Monday under chairmanship of the Chief of Staff of Egyptian Armed Forces Lieutenant General ...

 May 24 2015 - Kuwait- His Highness Premier meets Iraq parliament speakerKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah held talks Sunday at Bayan Palace, with the visiting Iraqi Speaker of the Council of ...

 May 24 2015 - EU major partner for GCC - ZayaniKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The European Union (EU) has been a key partner for the Gulf cooperation Council (GCC) since the six-member bloc was established in 1981, according to GCC ...

 May 24 2015 - Salmiya Sports Club Reign SupremeArab Times
(MENAFN - Arab Times) The Salmiya Sports Club won the Kuwait Karate Federation Junior category trophy for 2014/2015 Championships. The finals and awarding ceremony were held under the auspices of the ...

 May 24 2015 - Q8 Opens First CNG Service Station In BelgiumArab Times
(MENAFN - Arab Times) The international arm of Kuwait Petroleum, Q8, on Thursday took another big step and major milestone in strengthening and expanding its presence in Europe by opening its first ...

 May 24 2015 - Kuwait- Wataniya Telecom Dives 40 Fils NBK FlatArab Times
(MENAFN - Arab Times) Kuwait stocks headed south on Thursday to close the week on a sour note. The key index dropped 46.87 pts to 6332.27 points snapping the 2-day upswing. The banking shares were ...

more...


 






Google

Internatinal Property Show

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help