Aamal : expands its portfolio of real estate assets

23 January 2018

Aamal Company expands its portfolio of real estate assets

Residential assets acquired in prime areas of Doha through Aamal Real Estate

--------------------------------------------------------------------------------

Doha, Qatar - 23 January 2018: Aamal Company Q.P.S.C. ('Aamal') - one of the region's fastest growing diversified companies - today announced the purchase of assets in Doha from related parties through its Aamal Real Estate subsidiary.

These assets include three residential compounds which comprise 24 villas and two buildings containing 20 apartments. They are located in prime locations in Doha including West Bay Lagoon, Al Waab, Abu Hamour and Madinat Khalifa.

The consideration paid for these assets is approximately QAR 179.5 million and its impact will be seen in the first quarter of 2018 with an expected uplift in Aamal Real Estate's revenue of around QAR 1.9 million, 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.

Sheikh Mohamed Bin Faisal Al Thani - Vice Chairman and Managing Director of Aamal Company Q.P.S.C. - commented: '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. 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 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 as infrastructure projects near completion. 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 have a positive impact on Aamal's financial position and cash flow. We will continue to expand our property portfolio and seek further opportunities that are in line with our growth strategy and that will add value for all our stakeholders.'

Further enquiries

About Aamal Company Q.P.S.C.

Aamal is one of the GCC's fastest growing diversified conglomerates and has been listed on the Qatar Stock Exchange since December 2007. As at 21^st of January 2018 the Company had a market capitalization of QAR5.4 bn (US$ 1.5 bn).

Focused on self-financed and profitable growth, Aamal' s operations are widely diversified and comprise 24 active business units with market leading positions in the key industrial, retail, property, managed services, and medical equipment and pharmaceutical sectors, thereby offering investors a high quality and balanced exposure to Qatar's wider economic growth and development. Over the ten years to end-2016, the Company has delivered a compound annual growth rate in trading net profit (ie. before fair value gains on investment properties) of almost 19% a year, with minimal financial leverage.

For further information on Aamal Company, please refer to the corporate website:http://www.aamal.com.qa

About Aamal Real Estate:

Aamal Real Estate owns both residential and commercial properties located in prime locations in Doha in addition to the well-known Souq El Najma located in the centre of Doha City.

Souq El Najma is considered the largest traditional market in Doha covering 52,958 square meters with 100% occupancy rate. Aamal Real Estate continuously works towards enhancing its property portfolio offering the best standards of residential and commercial properties.

Back to 2018 press releases