Abyaar reports Q1 2007 profit over AED 62 million

The board also reported that total company assets stand at AED 1.261 billion and total shareholder rights at AED 665 million as of 31 March 2007.

Hesham Al Obaid, Chairman of Abyaar commented: "Abyaar's profits for the first quarter of the year have been in line with our expectations and have only helped cement our confidence in the UAE market. These profits have also come parallel to the growth that the Dubai market in particular has experienced in recent years, and is sure to continue in the foreseeable future."

Abyaar, which holds properties in Dubai such as Dubai Marina Pier 8 and Pier 24, in addition to Acacia Avenue - the first freehold property in Dubai's Jumeirah district, acknowledged the company's growth is due to regional development, particularly in Dubai, where Abyaar plans to raise its investments portfolio in the near future.

"Abyaar currently has close to AED 7 billion in the Dubai market, making us one of the premier developers of luxury serviced residences in the country," said Marzooq Al Rashdan, Abyaar's Managing Director. "Following the exceptional results that we have achieved in the UAE, the board has decided to raise the investment up to a total of AED 15 billion by 2010, strengthening our commitment to the United Arab Emirates real estate market."

"Our strong financial performance ensures that our UAE property portfolio remains growing. With that growth comes greater opportunities for Abyaar to expand regionally and internationally, growing our range of serviced apartments and other luxury developments," continued Al Rashdan.

Abyaar launched its first projects in Dubai in 2006, providing luxury serviced apartments in the Dubai Marina area with Pier 24 and Pier 8, in addition to Acacia Avenue. The 20-storey Pier 24, which will be under the management of Rezidor's Radisson SAS brand, will be completed by October this year.