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Type: Posts; User: JujuWoman

  1. Thread: The Pearl Qatar

    Post by: JujuWoman
    Pearl Qatar developer posts 32% rise in profits

    UDC records revenue of $749.8m for 2012, compared to $524.6m in 2011

    United Development Company (UDC), the developer of the Pearl Qatar mega project in Doha, has reported a revenue of $749.8 (QR2.73bn) for 2012, compared to $524.6 (QR1.91bn) for 2011, it has revealed in a statement.

    While net profit increased 32% to $233.4m (QR850m) for the year ending 31 December 2012, compared to 2011, excluding revaluation gain on investment properties amounting to $177.1m (QR645m), the profit attributable to company owners stood at $200.5m (QR730m).

    Earnings per share were QR2.17 as at 31 December 2012, compared to QR16.32 in the same period in 2011, due to the revaluation gain on investment properties.

    The developer also reported a gross profit of $296.6m (QR1.08bn), compared to $215m (QR783m) for the same year. Total assets increased to $5.3bn (QR19.466bn), compared to $5.23bn (QR19.056bn) in 2011.

    UDC chairman Hussein Al Fardan attributed the developer’s ongoing success to Qatar’s solid economic position, in tandem with the expanding opportunities made possible by the country’s stability and growth.

    “We are fortunate to be operating in a rapidly-developing country, and are therefore able to report solid operating results for 2012,” said Al Fardan.

    CEO Ebrahim Al-Sulaiti said the developer’s focus in 2012 had been twofold: to attract investors to purchase plots at Pearl Qatar, and to encourage more retailers to the project.

    “Pearl Qatar represents a unique investment opportunity for investors and retailers looking to maximise their returns and diversify their investment portfolios,” said Al-Sulaiti.

    “We are on the right track to diversify our revenue stream further in 2013 by launching new precincts at the Pearl Qatar,” he revealed.
  2. Thread: Al Marjan Island

    Post by: JujuWoman

    Dubai Investments has signed a deal to create a AED1 billion ($272m) open mixed-use beachfront resort and residential development on Al Marjan Island.

    The agreement with Marjan, the master developer of freehold properties in Ras Al Khaimah, will include a mix of hospitality and residential elements, including beachfront serviced apartments and villas, waterfront residential buildings, retail and F&B components along with other recreational facilities.

    Khalid Bin Kalban, vice chairman and CEO, Dubai Investments, said: “Dubai Investments is excited about this new venture as we believe Ras Al Khaimah (RAK) is fast gaining traction as a hub for tourism in the region with the emirate’s government channelising resources and investing in a range of wellness initiatives to leverage its natural assets.”

    Al Marjan Island
    The development will be situated on the View Island at the heart of Al Marjan Island.

    “Al Marjan Island has become a preferred hub for visitors and investors from around the globe and we are looking forward to expanding our offering through world-class projects such as the one being developed by Dubai Investments,” added Eng. Abdulla Al Abdooli, CEO of Marjan.

    Ras Al Khaimah’s tourism goals
    Recently, Ras Al Khaimah Tourism Development Authority (RAKTDA) announced a Sustainable Tourism Destination Strategy, with plans to become the regional leader in environmentally conscious tourism by 2025.

    The strategy maps out key steps for the emirate to secure long-term sustainability that will drive overall tourism growth objectives and contribute to climate change and environmental policy commitments.

    Ras Al Khaimah recently announced 20 new sustainable tourism initiatives, marking an investment of half a billion dirhams in partnership with RAK Hospitality Holding and RAK Chamber of Commerce and Industry. The projects focus on nature, leisure, adventure, accessibility and authenticity.
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