First Dubai profit rises 10-fold
First Dubai Real Estate Development, a Kuwait-listed property company, said nine-month profit increased more than 10-fold on back of strong property sales.
Net income rose to Dh479 million, or Dh2 per share, from Dh39 million a year earlier, it said.
According to Vice-Chairman Khalid Esbaitah, First Dubai's profits came as a natural reflection of the size of executed projects, with more projects coming to fruition this year. These include the Sky Gardens residential tower in Dubai and Morina Residences located at the entrance to Shams Abu Dhabi in Al Reem Islands, Abu Dhabi.
He said selling the remaining plots of Sky Gardens residential tower to Amlak Finance, with a value of Dh1.67 billion, has contributed significantly to the surge of profits, not only this year, but for the coming year's profits too.
Esbaitah said two residential districts were bought in Dubai Residential Complex located at Dubai Land at a cost of Dh27 million to develop residential buildings for middle-class people.
Net income rose to Dh479 million, or Dh2 per share, from Dh39 million a year earlier, it said.
According to Vice-Chairman Khalid Esbaitah, First Dubai's profits came as a natural reflection of the size of executed projects, with more projects coming to fruition this year. These include the Sky Gardens residential tower in Dubai and Morina Residences located at the entrance to Shams Abu Dhabi in Al Reem Islands, Abu Dhabi.
He said selling the remaining plots of Sky Gardens residential tower to Amlak Finance, with a value of Dh1.67 billion, has contributed significantly to the surge of profits, not only this year, but for the coming year's profits too.
Esbaitah said two residential districts were bought in Dubai Residential Complex located at Dubai Land at a cost of Dh27 million to develop residential buildings for middle-class people.
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