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Union Land Development achieves JD2.65m net profits for the first half of 2007

Jordan: Thursday, July 26 - 2007 at 11:12
PRESS RELEASE

Union Land Development Company (ULD), one of the biggest real estate and land development companies in Jordan, has revealed that it has seen a JD 594,000 increase in net profits for the second quarter of 2007, earning JD2.65 million during the period.

ULD's total assets increased to JD63.3 million, representing a growth of 17.2 percent as of 30 June 2007, whereas shareholders equity grew by 4.8 percent to reach JD 54.8 million compared to JD 52.3 million as of 31 December 2006. Real estate and property investments' purchase value accumulated JD 53.2 million representing an increase of 19.7 percent.

"These results are a strong and positive indicator of our effective performance and successful implementation of our growth strategy. We are always keen to exceed our clients' expectations and provide the most distinctive residential, touristic and commercial projects in Jordan,"

said Engineer Ramzi Salfiti, General Manager of ULD.

ULD continues growing its diversified real estate investments which vary from the iconic villas and apartments, to commercial outlets and offices, in addition to the touristic projects such as the Al Zara Chalets at the Dead Sea, designed in line with the highest artistic standards providing a unique atmosphere of privacy and panoramic views of the Dead Sea.

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Related site: http://www.unionlanddevelopment.net

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About Union Land Development (ULD):

Union Land Development Company (ULD) is a public shareholding company that was established in 1995, as a result of the mergence of Jordan Gulf Company for Real Estate Investments and Petra for Projects and Equipment Rentals, with a starting capital of 5 million JD.

On June 1st 2004, ULD acquired the Middle East & Commodore Hotels Company, thus increasing its capital to 7 million JD. Recently, ULD has increased its capital to 45 million JDs. ULD's major functions and services are:

I) Investment in land and real estate; developing it for various projects such as residential, commercial, tourist, recreational, and industrial.
II) Building, owning hotels operated and managed by international hotel chains.

For more information, please contact:

Ziad Qasem
Asdaa Public Relations - Jordan
Tel: +962 6 5520791
Fax: +962 6 5520792

Posted by Anne-Birte Stensgaard, Senior News Editor
Thursday, July 26 - 2007 at 11:12 UAE local time (GMT+4)

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Union Land Development achieves JD2.65m net profits for the first half of 2007

Union Land Development Company (ULD), one of the biggest real estate and land development companies in Jordan, has revealed that it has seen a JD 594,000 increase in net profits for the second quarter of 2007, earning JD2.65 million during the period.

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