First Dubai records profits of KD619,831 in 2008

Following a board meeting held at the company's headquarters yesterday afternoon, which was attended by First Dubai Vice Chairman, Khalid Esbaitah, and board members Salwa Malhas, Abdullah Al Rodhan and Rasha Al Qenai, First Dubai Chairman, Seraj Al Baker, stated that First Dubai's performance was superb during the first 9 months of 2008, but that precautionary measures had to be taken to protect the company's assets and project values.

First Dubai's board of directors has recommended not allocating dividends from 2008's profits to the company's shareholders, following the policies that the company has adopted to protect itself from current market fluctuations.

Al Baker said that First Dubai is currently developing 5 residential districts in Queue Point in Al Liwan, which are completely sold out, as well as another 20 villas in The Villa residential project, with development progress reaching 40%. First Dubai is also developing Morina Residence, a hallmark project in Abu Dhabi, which is located at Al Reem Island at the entrance of Abu Dhabi, at a cost of Dhs418m.

Said Al Baker, "The global financial crisis has deeply affected the market, and has rendered debtors unable to pay their dues to First Dubai. This has made us adopt a series of precautionary measures regarding the company's assets, which affected 2008 returns."

Al Baker noted that these policies will help the company complete current projects, and added that the measures include the slowing down of expansion plans and avoiding undertaking new projects in order to protect the company during the current period.

Said Al Baker, "First Dubai properties are of high value, and are situated on carefully selected prime locations. However, the current decline in prices in the property sector has made First Dubai take some precautionary measures that will render the company and its projects safe from current and future market fluctuations."