By: Ahmed Awad
Kuwait – Mubasher: Abyaar Real Estate Development will complete a number of residential projects in the emirate of Dubai by Q2-17 with total investments reaching AED 700 million ($190 million), said chairman Marzouk Al Rashdan.
The Hilliana project amounts to AED 179 million, and Abyaar is working on finalising its Olgana residential project at AED 527 million investments, the top official said before the company’s shareholders on Wednesday.
Abyaar has also succeeded in restructuring its debt to KWD 43.6 million (144.41 million) in 2015, Al Rashdan revealed.
Abyaar’s shareholders on Wednesday decided not to distribute dividends for FY15.
The real estate market in Dubai has seen a 15-20% decline lately, the chairman said, highlighting that what distinguishes the Dubai market is the continued buying and selling activity despite the declines seen.
Abyaar’s chairman further noted that his company has fulfilled all pending issues pertaining to its real estate assets in Egypt; however, the country’s economic situation and its devalued currency are holding the company back from carrying out its investments at the present time.
Translated by: Nada Adel Sobhi
