Abaad net income hits BD2.8m

Abaad, already in its second operational year, recorded a total revenue of BD3.6m and a net income of BD2.8m, representing a return on capital of 13.23%.

"The Company has worked extremely hard to strengthen its position in the market and aims to retain the current level of growth for the time being."

said Sh Hisham bin A.Rahman Al Khalifa, Chairman of Abaad Real Estate.

"Abaad is constantly assessing the Bahrain real estate demands in a variety of different sectors: Health, Leisure, Industry and Tourism..etc" he added.

"The focus today is in residential and commercial investments, the launch of Banan Saar was our latest achievement in 2008, which has encouraged us to start other developments we had planned in certain areas in the Kingdom" he added.

Sh Hisham thanked Bahrain Islamic Bank, for the continuous support and contribution to the success of the company.

"We announce today the financial results of our company for its second year of operation. We have set a goal for ourselves with a clear vision to mark Abaad in the real estate world, by building a solid presence within the provisions of the Sharia and creating a reputation worthy of our customers and investors confidence" stated Mr. Ahmed Yusuf, CEO of Abaad Real Estate.

"Today the company is in the process of studying and planning for two residential projects in Bahrain besides a number of commercial developments" said Mr. Yusuf.

"Last year we have witnessed, especially in the last quarter, a tough path, after the market was hit in Europe and the US, which eventually affected the Arab region and in particular, the active GCC countries in the world of real estate, however we are looking forward this year to improve the results and the financial conditions" he added.

Abaad Company was established in the first quarter of 2007 working with a paid-up capital of BD25m. It is a fully integrated real estate investment, development and management company operating in accordance with Islamic Sharia principles.