Al Burj Real Estate net profit touches AED 925 million in its first year of operations

Al Burj Real Estate, an initiative led by Dubai Islamic Bank (DIB) along with leading businessmen and corporate groups in the UAE and the region, was launched at the end of 2005 as a private joint stock company with a paid-up capital of AED 1.4 billion, making it one of the largest capitalized shareholding firms in the UAE. The company had recently announced that it had achieved sales of over AED 3.5 billion in the Phase I of iconic "Madinat Al Arab", the planned urban downtown of Dubai Waterfront.

Commenting on the company's performance, Saad Abdul Razak, Head of Executive Committee & Board Member of Al Burj Real Estate, said:

"We are pleased to announce the significant achievements of Al Burj Real Estate during its first full year of operations. The robust net profit and sales revenues within such a short span of time reflects our core competency and industry expertise pooled in from our stakeholders and our highly-qualified professionals."

Abdul Razak added: "We are looking forward to 2007 and the coming years to invest in development projects, such as various residential, commercial and office developments in the UAE. We will also continue to concentrate on strategic investment opportunities in projects by leading developers in the UAE & GCC markets such as our investment in Madinat Al Arab which will continue in its Phase II. It forms part of our broad strategy to provide unique real estate investment opportunities to provide customized solutions to suit individual investor's needs."

Al Burj Real Estate also announced the appointment of Mr. Naushad Noor Rashid as the company CEO. Naushad Rashid has a great deal of banking as well as administrative experience at world-class institutions such as Standard Chartered Bank and Citibank. He joined Dubai Islamic Bank in 2005 and led the team that established Emirates and Sudan Bank, and Al Burj Real Estate Company.