Profit up 47% for UAE's $1bn Reem Mall developer
Kuwait's National Real Estate Company posted 2015 net profits worth $51.1m, as the firm's CEO expressed optimism about growth in 2016
The developer of Abu Dhabi's $1bn (AED3.67bn) Reem Mall development said its annual net profit for 2015 increased by 47.2%.
Kuwait's National Real Estate Company (NREC) said its net profit for 2015 was $51.1m (KWD15.4m).
The mall, under construction on Reem Island, is expected to open in 2018.
The world's largest indoor snow park is set for development in the mall, besides 450 stores and 85 food and beverage outlets.
Samuel Sidiqi, CEO of NREC, said the company's rental income in Kuwait, across its commercial and retail portfolios, grew by 4.6% in 2015, to $34.4m (KWD10.4m).
He added: “We are pleased to report to our shareholders that the company recorded its highest profitability in five years and progress across geographies."
“Our outlook for 2016 is positive. We forecast that our core business will continue to provide a strong cash flow for the company through our operations in Kuwait and Jordan.
"We expect our top line to grow, driven by continued strong sales in Egypt.
"Reem Mall progress will continue to exceed expectations.”
Abu Dhabi Urban Planning Council granted the Reem Mall detailed planning approval in January, according to Arabian Business.