These assets include three residential compounds – 24 villas and two buildings with 20 apartments, located in prime locations in Doha – West Bay Lagoon, Al Waab, Abu Hamour and Madinat Khalifa.
The company paid approximately QAR 179.5 million for the properties. The impact of these recent purchases is expected to increase Aamal Real Estate’s revenue to approximately 9% compared with its first quarter earnings in 2017. The transaction was funded entirely through existing cash resources.
Aamal also confirmed that another Aamal Real Estate project – the construction of a 63-apartment residential building – is on schedule and is expected to be completed at the end of the third quarter of 2018.
Speaking on the recent transactions, Aamal Company Vice Chairman and Managing Director Sheikh Mohamed Bin Faisal Al Thani said that their diversified business model allows them to be active players in Qatar’s continuing growth as a country.
Aamal Real Estate is one of the leading real estate companies in Qatar, with a unique property portfolio. This acquisition is in line with our growth strategy of expanding our (real estate) portfolio in key areas, fulfilling the market demand for high quality properties and maintaining our market-leading position.
The real estate sector in Qatar has seen steady growth and offers many attractive opportunities. It is pleasing to see that Aamal’s diversified business model, solid foundations and strong financial position allow the company to capture suitable investment opportunities when they arise.
We expect the acquisition of these fully-developed and operational assets to create a positive impact on Aamal’s financial position and cash flow. We will continue to expand our property portfolio and seek further opportunities in line with our growth strategy.’
For more information about the company, visit their website at aamal.com.qa.