(MENAFN - The Peninsula) Ezdan Holding group is diversifying its investment portfolio by making huge investments at least in two Shari'ah-compliant companies listed in Qatar Exchange by June, said Ali Mohammed Al Obaidli, Group CEO of Ezdan Holding company, yesterday.
With over 11,000 housing units at a cost of QR4.5bn set to be completed within three years, the group has also decided to exit from the real estate sector for the next five years, he said. In addition, the group is expected to witness the opening of two big projects - Al Wakra Mall and Shimaal Hotel - before 2014-end. "We have established a partnership with SAK Holding group to build over 11,000 housing units, which will be completed over the next three years in different stages," said Al Obaidli
Al Obaidli was talking to The Peninsula on the sidelines of the company's ordinary general assembly meeting, which ratified the distribution of a cash dividend of 3.1 percent of the nominal value of the group's share to the shareholders.
On the company's decision to exit from the real estate business, he said: "One year ago, our general assembly decided to exit from the sector to invest in Shari'ah-compliant companies listed on Qatar Exchange, and now we are in the process of diversifying our investment portfolio by invesing in such companies.
He added: "Three years ago, we acquired 20 percent stake in an Islamic group, and we are continuing to focus on that line. Before the end of this June, we are going to announce the names of two more Shari'ah-compliant companies where we are intending to make investments.
Asked if the group has plans for overseas investments, Obaidli said: "It's a red-line for us. We are focusing in the local market as there are a lot of opportunities of investments within Qatar.
Ezdan Holding posted a full-year net profit of QR1.07bn in 2013, up nearly 290 percent compared to QR275m in 2012.
Earlier, addressing the shareholders, Sheikh Dr Khalid bin Thani bin Abdullah Al Thani, Chairman of Ezdan Holding, said: "We have witnessed, in 2013, extraordinary performance as far as Ezdan Holding Group is concerned, and we were able to make significant accomplishments throughout our history, the fact that clearly reflects the success of our plans to take advantage of growth opportunities in the Qatari market and pursue our quest to consolidate our mission to reduce risks at much as possible, in addition to providing a motivating work atmosphere and follow the development plans in the state, as well as commitment to social responsibility and the governing laws."