21/09/2017 05:46 AST
Ezdan Holding Group (EHG) has been ranked as the second top real estate developer in the Arab world, based on the annual ratings by Forbes Middle East magazine. The ranking evaluates the most active brands in the real estate sector, one of the major growth drivers of the region’s economy.
The EHG also emerged as the second topper among the high-ranking Arab companies listed on the financial market. The top 40 listed real estate developers have a combined market value of $90.5bn, revenues of $18.1bn, assets worth $126.5bn and profits of $5.1bn, as per Forbes ranking.
Ali Al Obaidli (pictured), CEO of Ezdan Holding Group expressed his pleasure over the Group’s ability to maintain a prominent place in the global ranking, which is a reliable benchmark in companies performance evaluation in different sectors, not only real estate.
Ezdan Holding Group has been operating in the real estate sector for more than 55 years, and has since demonstrated a proven track record of success in various segments of the real estate sector. Spearheading these activities is the residential sector, with up to 22,000 units, which have already been put in the local market,and about 6,000 units that will be gradually opened in the upcoming stages of Ezdan Oasis project, the Group CEO said.
Among the Group’s sub-activities within the real estate sector is the hotel properties, with about 3800 four and five star units, spread across three major hotels namely Ezdan Hotel West Bay, the soon-to-be-opened The Curve; and the Ezdan Palace Hotel. In fact, these are among some of the hotels that are being described as growth drivers of the country’s hospitality and tourism sector.
The Group CEO highlighted that Ezdan Holding Group activities have extended to include one of the most prestigious sectors in the country—the Malls Sector.
The Group has recorded a remarkable success by launching its first projects in this sector, Al Gharafa Mall in Al Wakrah and Al Wakair, in mid-April 2014, and have since been considered as a breakthrough in this vital sector.
Ezdan Holding Group has disclosed a net profit of QR1.155bn during the first half of the current year, compared to QR927m, an increase of 25 percent. The Group’s earnings per share (EPS) during the first half of the year, increased by QR 0.44, compared to QR 0.35 during the same period of last year. Ezdan’s profits for the entire previous year stood at QR1.81bn.
Editor-in-Chief of Forbes Middle East magazine, Khuloud Al Omian said: “The region’s real estate sector is one of the fastest growing in the world and is a key of economic growth indicator. We have highlighted, through our first rating of the largest real estate investment funds, the role these funds play in making the sector more attractive to stakeholders.”
The Peninsula
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