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Abu Dhabi – Mubasher: Manazel Real Estate posted a 3% year-on-year profit rise during the first half of 2019.

Net profits stood at AED 136.9 million in H1-19, compared to AED 132.9 million in H1-18, according to the company’s filing to the Abu Dhabi Securities Exchange (ADX) on Wednesday.

General expenses of the real estate developer fell by 27% to AED 25.4 million during the first six months of 2019, from AED 34.9 million in the corresponding period last year.

As for revenues, they inched down by 2% to AED 506.2million during the six-month period ended June, versus AED 516.6 million in the same period a year ago.

By: Mahmoud Gamal

Dubai – Mubasher: Damac Properties Dubai Company is considering investment opportunities outside the UAE to maximise its profits, head of investor relations at the Dubai-listed developer, Amr Aboushaban, told Mubasher on Wednesday.

The company is planning to expand in both Saudi Arabian and British markets, the top official added.

Aboushaban revealed that Damac has completed small projects in five countries, including Saudi Arabia, Qatar, and Lebanon, during the last five years.

There are good opportunities in Britain and Saudi Arabia, but the company is facing some challenges in the latter, on top of which the overpricing of lands and the slowdown in the luxurious properties market, he remarked.

Aboushaban maintained that his company is not currently attracted to the Egyptian market because its nature is not compatible with the company’s mechanisms.

He revealed to Mubasher that Damac’s debt has declined by 30% to reach $1.05 billion, adding that the company’s liquidity went down to $1.52 billion (AED 5.6 billion), from $2 billion (AED 6.1 billion).

The real estate company is planning to deliver 4,000 residential units in 2019, which will increase the number of units delivered by Damac since its establishment to more than 25,000, Aboushaban said.

Damac Properties’ net profit dropped 91% year-on-year during the first half of 2019, recording AED 81.6 million.

Translated by: Muhammad Abdul-Wakeel

By: Mahmoud Gamal

Dubai-based Azizi Developments plans to deliver nine projects in Dubai with total 4,000 residential units by the end of 2019, the company’s CEO Farhad Azizi revealed.

These projects include five buildings in Al Furjan area, the first phase of Azizi Riviera at Meydan one, a number of units in Azizi Mina in Palm Jumeirah, Azizi Aliyah Apartments in Dubai Health Care City, and Azizi Aura Residence in Downtown Jabel Ali, Farhad Azizi told Mubasher in an interview.

Azizi Developments has completed 13 projects in Dubai, as well as 41 buildings and six global shopping centres, he indicated, noting that it has over 200 completed and ongoing projects within the emirate.

The company is looking forward to mark 2019 as its success year by recording robust sales, handing over projects as scheduled, in addition to taking part in innovative initiatives that support Dubai’s real estate sector, Azizi said.

He also revealed that Azizi Developments has been successful in owning more attractive properties with the help of several financial institution partners.

The CEO also said that he constantly check work progress of the company’s projects to ensure it comes in line with the agreed standards.

Dubai’s real estate market has witnessed a paradigm shift from the housing communities to the freehold of properties due to the vision of the government, Azizi said.

He stressed that the Government of Dubai is determined to develop the real estate sector within the emirates while taking the interests of customers into consideration and boosting the confidence of investors in the market.

Moreover, he emphasised that Azizi Developments has to strengthen its international presence over the coming period.

Under the current regulations set by Dubai Land Department and the Real Estate Regulatory Agency to protect ownership rights, many regional and international investors believe that Dubai has become a safe option for investment, Farhad Azizi noted.

Translated by: Mai Ezz El-Din