17/04/2017 07:36 AST
Plans are in the pipeline for the launching of the first phase of 'Ezdan Oasis' - Ezdan Holding Group's mega real estate project, Group CEO Ali Mohamed al-Obaidli announced.
He was speaking yesterday during the group's ordinary annual general meeting, which was presided over by Ezdan Holding Group chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani. During the meeting, shareholders approved the distribution of 5% cash dividends, equivalent to 50 dirhams per share.
"We are now gearing up to launch the first phase of our mega real estate project 'Ezdan Oasis'," he said, adding that over the past years the group was able to demonstrate its leadership by "efficiently managing" financial resources through a series of mega projects "in promising investment areas."
Al-Obaidli said the Ezdan Oasis project is composed of 2,058 residential and commercial units and 180 outlets, including restaurants, cafés, and other vital facilities of different sizes.
He explained that the project consists of four phases and is spread out over a total area of 1mn sqm, targeting more than 35,000 individuals. The project, al-Obaidli added, features a total of 9,346 multipurpose units of different sizes in Al Wukair area.
In 2016, al-Obaidli said the group announced the launch of Ezdan World Company to represent the group and manage its projects in the entertainment and tourism industry.
Ezdan World Company, a new subsidiary, is managing the 'Magical Festival Village' and aims to transform the project as "the best leisure destination in Qatar" to revitalise local tourism by introducing new, ambitious entertainment projects.
Al-Obaidli said Ezdan Holding Group is in the process of finalising the official opening of various projects in different sectors to be fully operational.
In the hotel sector, Ezdan is preparing to fully-launch 'Ezdan Palace' project, which features 194 varied rooms and suites and enjoys a strategic location along Al Shamal road, which is near the major educational institutions. Another project, 'The Curve Hotel', comprises 600 hotel apartments overlooking West Bay.
For the malls sector, the group is finalising arrangements for the opening of Al Wukair Mall, which consists of 135 commercial outlets and Al Wakrah Mall, which offers up to 167 outlets, and is located opposite Al Wakra General Hospital.
Earlier, the group announced that it had posted a 9% growth in profits to more than QR1.81bn in 2016, compared to the QR1.66bn in 2015. Earnings per share also increased to QR0.68 compared to QR0.63 in 2016. Similarly, operating earnings jumped to QR2.5bn in 2016 from QR1.9bn in 2015.
Ezdan Holding Group also announced that the second issuance of its $500mn Shariah-compliant sukuk, which has a five-year maturity is 240% oversubscribed with 129 participating investors.
The Group also completed the first issuance of its $500mn Shariah-compliant sukuk in May 2016 at a "record time" and is 167% oversubscribed. The initiative was part of an integrated plan approved by the group's general assembly last April to issue Islamic bonds worth $2bn or its equivalent in other currencies.
Gulf Times
Please wait...
