The Board of Directors of AWJ Investments Limited held a meeting, at the Hilton Jumeirah Hotel, to review the results posted in the first quarter of this year compared to the balance sheet and the results posted in the same period of the previous year.
The Board of Directors also reviewed the operational mechanism and expanding plans for the current year and the coming period in light of the continued expansion of AWJ Investments Limited, which owns the brands of (Awani, Bahria, Operation: Falafel and Serve Bite)and is the agent for the Italian company: Filicori Zecchini.
In the same day, the annual general meeting of the company was convened by the members of the board of directors and the investors,where the financial results and profits of the company posted in 2014 were discussed, the financial profits posted in the first quarter of 2015 were reviewed, and the plans for regional expansion in the UAE and the Middle East for the coming period were examined.
Mr. Manhal Nasr, CEO of AWJ Investments Limited said: “In light of the continuing and great prosperity of the tourism sector and the retail and hospitality sector in the United Arab Emirates, the company posted net profit (before deducting the depreciation amount) for the first quarter of 2015 exceeding the projected balance sheet by 68%.
This was done thanks to the high expertise enjoyed by the company and the management in the retail sector, which extensive experience has been translated into great success of the company’s various projects. “
Mr. Manhal Nasr then added: “among most important factors that have helped achieve such high profit rates which exceeded expectations, the right mechanism of employingthe resources of the company, the hard and continuous work by all personnel of the company and the company’s eagerness to provide all what is considered different and unique in the retail and hospitality sector. Hence, the company has recently opened the sophisticated “Bahria” restaurant which is characterized by its unique design within the (The Beach) project owned by Miras Holding in the Jumeirah Beach Residence area, one of the first tourist attraction destinations in the Emirate of Dubai, which receive very large numbers of visitors and residents in the emirate.
Mr. Manhal Nasr concluded his statement by saying: “The efforts paid by AWJ Investments Limited and its staff members are continuous in order to achieve the goals that have been set for the next period, which is considered a transitional phase for the company. The said goals include the implementation of regional expansion plans through its most popular brand “Operation: Falafel”and we are currently preparing for the execution of strategic partnership agreements with a number of prominent regional partners.
Having launched three new brands belonging to the company in Dubai – United Arab Emirates in 2014, the company is trying to occupy more important locations in all areas of the United Arab Emirates.
Further,the expansion plans for those brands include the opening of branches in the main capitals of the Middle East area such as Riyadh, Kuwait and Doha by the year 2015. The investments of “AWJ Investments Limited” have reached AED 50 million, and the company is willing to sign a Memorandum of Understanding prior to the execution of an agreement to grant franchise rights of the “Operation: Falafel” brand in both the United States and Canada.