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Aamal Company acquires Qatar realty assets worth QR180mn
Wed 7 Jumada Al Oula 1439 24-1-2018
QGN Bureau Staff
Sheikh Mohamed: Aamal is an active player in Qatar’s growth.
Aamal Company has purchased local realty assets worth QR180mn from related parties through its Aamal Real Estate subsidiary. These assets include three residential compounds that comprise 24 villas and two buildings of 20 apartments. They are in prime locations in Doha, including West Bay Lagoon, Al Waab, Abu Hamour and Madinat Khalifa. The impact of the payment towards these assets will be seen in the first quarter of 2018 with an expected uplift in Aamal Real Estate’s revenue of around QR1.9mn, a rise of approximately 9% compared with Q1 2017.
The transaction was funded entirely through existing cash resources and is expected to increase Aamal Real Estate’s net assets by 7%. Aamal also confirmed that another Aamal Real Estate project – the construction of a 63-apartment residential building – is progressing on schedule and is expected to be completed at the end of the third quarter of 2018. “Aamal Company’s diversified business model and focus on vital economic sectors allows us to be an active player in Qatar’s growth, contributing directly to its further development and diversification,” Sheikh Mohamed bin Faisal al-Thani, its vice-chairman and managing director, said. This acquisition is in line with growth strategy of expanding the realty portfolio in key areas, fulfilling market demand for high quality properties and maintaining market-leading position, he said, adding the real estate sector in Qatar has seen steady growth and offers many attractive opportunities as infrastructure projects near completion. “We expect the acquisition of these fully-developed and operational assets to have a positive impact on Aamal’s financial position and cash flow” the company said.
Aamal Company would continue to expand the property portfolio and seek further opportunities that are in line with its growth strategy and that will add value for all its stakeholders, it added.
Sources and photo-credits: Gulf Times
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