Qatar developer plans huge projects
18:18, 5 June 2009
DOHA. June 5. KAZINFORM Ezdan Real Estate Co., Qatar?s largest developer by market value, said yesterday it planned to sell some of its real estate portfolio as it seeks to raise funds for billion-dollar projects in the next five years; Kazinform refers to the Arab News.
Ezdan?s deputy chief executive officer, Samer Wahbeh, said the company, which complies with Islamic law, would build schools, hotels, residential units and hospitals in Qatar, the world?s biggest exporter of liquefied natural gas.
?We are still quite bullish about the market and have an aggressive expansion plan and we need to fuel this growth for the company,? Wahbeh told Reuters in an interview. Ezdan, which nearly doubled its net profit in the first quarter, is likely to earn 98 million riyals ($26.9 million) in the second quarter, Wahbeh added. The company reported full-year net profit of 1.4 billion riyals in 2008.
Qatar?s property sector has suffered property price drops of about 30 percent in the last six months. But the economy could grow 7 percent or more in real terms in 2009 as it boosts gas production, its central bank has said; Kazinform cites the Arab News.
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