Kuwait Real Estate News
Abyaar achieves 50 percent growth during first-half of 2007
Abyaar, a leading Kuwait-based real estate development company, recorded 50 percent growth in turnover during first half of this year, in comparison to the same period last year.
The company achieved a net profit of $32.10million, with an increase in share profit of Dh.1.9. The Abyaar Board confirmed a gross profit of approximately Dh.118 million for six-month period, ending 30th June, 2007.
The company was established two years ago, with a mission to invest in Dubai Real Estate Market. So far an investment of Dh.8billion has already been made and the returns have been very encouraging, with a solid increase every quarter.
The company mentioned that the Dubai economy is very optimistic about its future, and is expecting continuous growth of economy, which will positively influence the property market in the city. Abyaar revealed that it plans to double its investment to Dh.16billion in the next three years. Abyaar will shortly announce a new building at Acacia Avenues, the only freehold project in Jumeirah.
Another two furnished apartment complexes by Abyaar in the Marina, is nearing completion. Abyaar is being strongly supported by Aayan Leasing and Investment Company and the Al Rashdan Group, which has vast real estate experience.
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