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MESSAGE FROM
The Chairman
02
Mr. Shlash Al Hajraf
The Chairman
Honourable Shareholders,
May Peace, Mercy and Blessings of Allah be upon you!
It gives me great pleasure and pride to express my profound
sense of appreciation to the Board of Directors, Executive
Managers and all Company employees for their significant
and continued efforts, dedication and support that enabled
First Dubai Development Company to achieve satisfactory
results in 2016.
Over the past year, First Dubai Real Estate Development
Company has gone a long way in its quest for excellence,
executing a large and diverse real estate portfolio that
understands the requisites of the highest world standards,
through which the company has maximised operating
revenues and garnered high-yield investments.
Dear Shareholders,
Thanks to its ambitious vision and achievement of the set
targets. First Dubai, a subsidiary of Al Mazaya Holding,
reported a net profit of KWD 1.54 million for the fiscal year
that ended on December 31st 2016. Earnings Per Share
(EPS) were calculated at 1.54 fils per share.
Due to the focus on sale and rent operations, a 25% increase
to KWD 10.967 million was achieved in operating revenues
in 2016 against KWD 8.786 million in 2015. An increase of
22.1% to KWD 7.972 million was reported in sale revenues
in 2016 compared to KWD 6.528 million in 2015. This is in
addition to a 30.5% increase to KWD 2.946 million in rent
revenues from KWD 2.257 million in 2015.