Mada’in Properties reports significant earnings growth in FY 2017
Amid the successful launch of its flagship ‘Marina Arcade’ tower in Dubai Marina
Dubai – 14May 2018 :Mada’in Properties PJSC has reported a significant growth in its operating revenue for the year ended December 31, 2017. The company has also achieved a net profit of Dh15 million, which represents an increase of 22% over the financial year ended 2016.
For the current financial year, Mada’in Properties witnessed an 88% increase in its retained earnings within the company’s equity when compared to the previous financial year. The company revealed that it plans to list its shares in the secondary market at the Dubai Financial Market, and it plans to expand its investments and to develop several of its active large projects as part of its new strategy.
The results were announced during the annual general meeting that was held recently. During the meeting, the company also constituted its new Board of Directors, which will be headed by the new Chairman of the Board, Mr. Saeed Ghanim Saeed Matar Al Suwaidi. The new Board of Directors will also include Mr. Faris Ahmad Ramadhan Juma Ibrahim as Vice Chairman, and Mr. Abdulaziz Abdulraoof Abdulrahman Al Awar, Mr. Abdulwahab Al Sanad and Mr. Abdulaziz Al Sanad as board members. The new Board of Directors said that they remain optimistic about the real estate sector and reiterated their commitment to develop benchmark properties.
Mr. Saeed Ghanim Saeed Matar Al Suwaidi, Chairman of Mada’in Properties, stated that Mada’in continues to remain firmly positive about the mid to long term sustainability of the real estate sector in Dubai, and that the company will continue to expand its portfolio and is going ahead with its plans to further develop projects that meet current need gaps and offer significant customer value.
Al Suwaidi remarked that the newly appointed Board of Directors discussed the company’s new strategy, and the means of developing and improving the performance of Mada’in Properties by implementing the company’s plans and projects in accordance with the highest standards, which ensures the satisfaction of both clients and investors, and contributes to raising the company’s status and reputation.
“The new Board of Directors will focus its efforts and expertise to develop the company’s business activities, which can be achieved by developing new plans and goals that enhance the competitiveness of the company and its ability to examine and diversify its investments, in order to keep pace with the growth witnessed by the real estate sector in the country and the region, especially in light of the expected increase in the number of citizens in the UAE and the Gulf region during the coming years.” Al Suwaidi said.
Al Suwaidi indicated that the company will work on putting together time phased plans, in addition to goals and measured performance indicators that ensure that current projects are carried through to the end. He added that Mada’in Properties will also launch new projects that reflect the company’s strategy in terms of interacting with its partners and clients.
Al Suwaidi confirmed that Mada’in Properties is determined to list its shares in the secondary market at the Dubai Financial Market, and that the company will proceed according to the requirements specified by the applicable laws and the conditions set by the authorities regarding this matter. He pointed out that the company looks forward to chart towards a new direction that proves its strength and vitality in the market, especially in light of the newly appointed Board of Directors that combines a large group of businessmen and investors that specialize in the real estate sectors across the UAE and the Gulf region.
Mada’in Properties PJSC is currently developing a residential community in Dubai South near the Al Maktoum International Airport, as well as a community retail centre in Dubai Marina. Recently, Mada’in Properties signed the first landmark management agreement in the UAE with Rove Hotels, a joint venture between Meraas and Emaar Properties PJSC. The agreement enables Mada’in to develop both the 270 room Rove Mina Seyahi, a contemporary midscale hotel, and the Rove Residences Mina Seyahi, which is an exclusive collection of 443 serviced residences. The Rove Residences Mina Seyahi is located within a new 50-storey tower that is expected to be operational in 2021.
Mada’in Properties has successfully delivered the Marina Arcade residential tower within schedule. Marina Arcade is the company’s flagship sophisticated residential tower, which is located in Dubai Marina. Offering breath-taking views of the Marina skyline, the development features over 280 apartments ranging from one, two, or three bedrooms, to duplex, triplex units and penthouses spread over 47 plush floors.