Abyaar achieves KD 12M profits

Shareholders equity reached KD 47,028,787 (forty seven million, twenty eight thousand, and seven hundred and eighty seven Kuwaiti Dinars) in 2006 compared to KD 35, 008,761 (thirty five million, eight thousand, seven hundred and sixty one Kuwaiti Dinars) in 2005. Earnings per share reached KD 0.34 Fils.

The board has also recommended a 10% share bonus, to the registered share holders, subject to approval at the time of the Annual General Meeting.

Hisham Al Obaid, Chairman of Abyaar Real Estate Development, said that the profits of the company reflect a solid and balanced performance. "We have a far reaching investment portfolio which exceeds KD 400 million and includes luxury real estate hotel apartments available through free hold in the U.A.E. Building on this strong base we plan to expand throughout the region."

Abyaar's Managing Director Marzooq Al-Rashdan agrees that this year's strong financial performance would allow the company to grow further in the coming period.

"The company launched its first projects in Dubai last year, with the luxury serviced Dubai Marina apartment towers, Pier 24 and Pier 8, and the exclusive freehold development, Acacia Avenues, in the heart of Jumeirah, Dubai. The success of these projects has reaffirmed our confidence and belief in the Abyaar brand of building excellence and this financial performance underpins this corporate ethos.

"This strong financial performance is in line with our plans to expand in the UAE market, capitalising on the country's positive economic growth. We plan to grow regionally and beyond which leaves us ideally placed to tap into new opportunities and grow our existing portfolio of luxury developments," said Al Rashdan.