Al Burj has Dh925m net profit
Real estate firm’s first full year of operations helped by bumper sales
Al Burj Real Estate (ABRE) yesterday reported a Dh925 million net profit recorded by the end of 2006, the company’s first full year of operations.
ABRE, an initiative led by Dubai Islamic Bank (DIB) along with leading businessmen and corporate groups in the UAE and the region, was launched at the end of 2005 as a private joint stock company with a paid-up capital of Dh1.4 billion, making it one of the largest capitalised shareholding firms in the UAE.
The company recently announced that it had achieved sales of over Dh3.5 billion in the Phase I of Madinat Al Arab, the planned urban downtown of Dubai Waterfront.
Saad Abdul Razak, ABRE’s Head of Executive Committee and Board Member, said: “The robust net profit and sales revenues within such a short span of time reflects our core competency and industry expertise pooled in from our stakeholders and our highly-qualified professionals.”
ABRE named Naushad Noor Rashid as company CEO.
Naushad Rashid has banking as well as administrative experience at institutions such as Standard Chartered Bank and Citibank. He joined Dubai Islamic Bank in 2005 and led the team that established Emirates and Sudan Bank, and ABRE.