Investate reveals profits in the first 9 months

The results were acknowledged by Investate's Board of Directors in its recent meeting held in Bahrain.

Investate's Chairman Dr. Habib Al Mulla said

"The results are a testimony to Investate's vision of sustaining growth by expanding operations locally and internationally. I am happy to say that we are heading in the right direction with strong focus on delivering the desired results. The future of Investate is bright and I am confident of the outlook."

In just under one year of operations, Investate has launched four real estate development projects in the GCC and Central London with a combined value of $1.9bn.

Commenting on the results, Investate's Chief Executive Officer Mr. Salah Nooruddin said

"The two projects in Dubai namely "the Octavian at the Business Bay" and "Beachfront Living in the Dubai Waterfront" are progressing well. We have sold 70% of our Octavian project and 50% of our Beachfront Living project. With the strong pre-sale of both projects, we were able to return 10% of the invested capital to our shareholders in September 2008. We are eagerly looking forward to commencing work on our Bahrain acquisition with our partner and development manager Omniyat Properties. The $400m high end residential development is situated in the Bahrain Financial Harbour District."

Investate has recently acquired a prestigious 4.5 acre prime waterfront property on the bank of the River Thames in Central London at an attractive entry price, taking advantage of the prevailing market conditions.

Investate plans to carry out a GBP 350m mixed use development comprising high end residential units, a five star hotel, commercial and retail space surrounding the onsite marina.

Mr. Nooruddin said "The London project, Tideway Wharf, is a shining star in our portfolio especially considering the stature of London as a global business hub. The recent announcement on the move of the US Embassy to the Nine Elms site near the Tideway Wharf will add significant value to the area and underpins the development potential of the site".