Another United Arab Emirates real estate firm is reporting massive profits for the year, with an Abu Dhabi company’s figures up 125 per cent.
Sorouh Real Estate’s impressive statistics come after Dubai developer Emaar Properties also announced AED 5.573 billion in profits so far in 2008.
Sorouh has made AED 1.7 billion for the nine months ended September 30, up from AED 773 million on the same period last year.
Bosses from the company also said they had confidence in the future thanks to “strong fundamentals” in the Abu Dhabi market.
Mounir Haidar, Sorouh’s chief executive officer, said:
“The strong demand in the Abu Dhabi real estate market means that it is comparatively well-cushioned against the global economic situation.
“This, coupled with the company’s strong balance sheet and cash resources, means Sorouh can take a positive view of the coming period.”
He added the company expected to move forward as planned on all its current developments.
The company’s projects include Tala Tower, offering plush apartments in a 49-floor block in Marina Square, Al Reem Island.
Other developments include Khalidiyah Village, a residential community located in the heart of Khalidiya, one of the most prestigious neighbourhoods in Abu Dhabi.