First Dubai posts 1,130% profit rise

PROFITS BOOST: First Dubai's vice chairman Khalid Esbaitah. (Supplied)

First Dubai Real Estate Development Company has reported a leap in profits of 1,130 percent during the first nine months of 2008.

The company, owned by Al Mazaya Holding, posted profits of $130 million, compared to $10 million in the corresponding period last year.

Vice chairman Khalid Esbaitah said that First Dubai's profits would continue to increase and grow for the next five years.

He added that more projects would be coming to fruition this year including the Sky Gardens residential tower in Dubai and Morina Residences located at the entrance to Shams Abu Dhabi in Al Reem Islands.

He noted that selling the remaining plots of Sky Gardens residential tower to Amlak Financing had contributed significantly to the surge in profits for First Dubai.

Revealing the company's future projects, Esbaitah said that two residential districts had been bought at Dubailand to develop residential buildings for middle-class people and that other new projects were currently being studied.

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