First Dubai: earnings per share reach 54 cents during the first 9 months of 2008

Earnings per share (EPS) reached 54 cents compared to 26 cents reported last year. Al Mazaya has also reported a (337) % increase in its return on assets, and a (248)% increase in return on equity, with current total company assets amounting to $697m in 2008 compared to $200m in 2007. Equities reached $572m in 2008 against $111m in 2007, thus reaching a growth rate of more than (414)%.

Following a board meeting held at the company's headquarters yesterday afternoon, which was led by Vice Chairman Eng. Khalid Esbaitah and board members Siraj Al Bakir, Salwa Malhas, Abdullah Al Routhan and Mohammed Al Babteen, Esbaitah said that First Dubai's profits for the current year will be remarkable, and it will continue to increase and grow for the next five years through a risk-free, carefully constructed plan that will ensure projects are executed perfectly to achieve returns that exceed 30% of investments on these projects.

Eng. Esbaitah added that First Dubai's profits came as a natural reflection of the size of executed projects, with more projects coming to fruition this year. These include the Sky Gardens residential tower in Dubai and Morina Residences located at the entrance to Shams Abu Dhabi in Al Reem Islands, Abu Dhabi.

Esbaitah noted that selling the remaining plots of Sky Gardens residential tower to Amlak Financing, with a value of $453m, has contributed significantly to the surge of profits for First Dubai, not only this year, but for the coming year's profits too.

Morina project, developed at a cost of $113m, is one of the hallmark projects in the emirate of Abu Dhabi. First Dubai expects to earn a profit of $151m from this project, equating to a return of 100%.

Esbaitah said that there were projects, other than Sky Gardens tower, that earned big profits, of which a small amount was added to Q2 and Q3 of the current year, simply because these projects are related to progress rates expected to be achieved in the upcoming periods. Esbaitah confirmed that, of these projects, five are residential districts, already sold and to be developed within Queue Point project.

About the company's future projects, Esbaitah said that two residential districts were bought in Dubai Residential Complex located at Dubai Land at a cost of $8m to develop residential buildings for middle-class people , and are expected to make large returns of $19m from project execution and selling its plots to interested buyers.

Eng. Esbaitah estimated the size of real estate investments to be $733m, pointing out that the company is studying the possibilities of developing new projects, especially with the company raising its capital from $83m to $358m, which will be used in future investments.

Esbaitah added that the company's most remarkable accomplishments this year is the takeover of the Waterfront Company in the emirate of Dubai, which is an inevitable result of the accumulated experience and knowledge that the company has in reaping opportunities and executing projects in the UAE markets. The takeover aims at unifying human and financial resources to complete this project to the highest quality standards, thus continuing the series of successes achieved by Al Mazaya Holding and its subsidiary companies.