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Middle-income groups to benefit from Housing Real Estate

- September 24, 2005, 5:11 am

The Housing Real Estate Company has been established with a capital of Dh1.2 billion, a company official said. Mohammad Muhana Al Qubeisi, head of the board of directors of the company, said the company was established to cater to the middle-income groups.

From its headquarters in Abu Dhabi, the company will invest in real estate projects with best returns at minimal risk. It will also implement Islamic real estate investment methods in all the projects it finances.

The company aims to annually achieve 30 per cent revenues on average by implementing the best real estate investment practices inside and outside the UAE.

The company is looking forward to transforming itself into a public shareholding company within two years in order to enter the stock market.

Al Qubaisi said the company would strive to apply effective building, administrative and maintenance tools at a low cost in order to reduce operating costs and thus offer lower prices to the end-user.

The company’s vision will be: “Seeking to provide residential, commercial and tourist projects for middle income groups through the execution of low-cost projects,” he added.

It will execute residential, commercial and tourist projects at low cost for middle-income groups.

Its allied lines of activity include renting and selling real estate at competitive prices, and focusing on real estate projects that serve low and middle income groups.

As a first step, the company intends to prepare and design some projects in the UAE worth Dh4 billion.

It also intends to expand by operating beyond the UAE, he added.

Source - Gulf News

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