Gulf News

Al Burj has Dh925m net profit

Real estate firm’s first full year of operations helped by bumper sales

- Staff Report

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.

Robust

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.

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