Latest news with #Aamal
Al Bawaba
11 hours ago
- Business
- Al Bawaba
Aamal Company Q.P.S.C. (‘Aamal') Financial Results for the six months ended 30 June 2025 Strong performance in H1 2025 reflecting successful delivery on strategy
The Board of Directors of Aamal Company Q.P.S.C. ('Aamal'), one of the region's leading diversified companies, today announces its financial results for the six months ended 30 June 2025. Sheikh Mohamed bin Faisal Bin Qassim Al Thani, Vice Chairman and Managing Director of Aamal, commented: 'Aamal's first-half performance is a strong endorsement of the Group's strategic direction and the capable leadership across all its business units. The results reflect our ability to consistently deliver value, supported by a diversified business model, disciplined execution, and a clear focus on long-term growth. With a growing project pipeline, including a QAR 3bn order backlog and plans to expand regionally through a new infrastructure and construction services company in Saudi Arabia, Aamal is well placed to capitalise on emerging opportunities and to continue to deliver strong results for all stakeholders.' Mr. Rashid bin Ali Al Mansoori, Chief Executive Officer of Aamal, also commented: 'Aamal's half-year results reflect the strength and resilience of our diversified business model, which continues to unlock opportunities across high-growth sectors. These results reinforce our confidence in the Company's strategic direction and its ability to capture long-term value across various markets in sector, not only in Qatar but in the wider region. 'Across each of our sector and business units our focus remains on accelerating growth and improving operational performance. Within the industrial manufacturing sector, we continued to deliver against this strategy throughout the period, achieving robust revenue and net profit growth. The sector also remained closely involved with major infrastructure and energy projects, supplemented by the signing of an additional QAR 1bn contract with Kahramaa, bringing the total order backlog to QAR 3bn. The planned creation of a new infrastructure and construction solutions company in Saudi Arabia was also announced, with potential to significantly boost Aamal's exposure to dynamic regional markets, while diversifying revenue streams and unlocking new growth opportunities. 'In the Trading and Distribution sector, a steady performance was sustained in the first half, with several developments undertaken to further support the national healthcare system through the delivery of cutting-edge pharmaceuticals and medications. This included a new agreement with long-term partner Novo Nordisk to introduce Wegovy® to the Qatari market and strategic partnership with BeiGene related to oncology treatments. 'Aamal's Properties sector continued to contribute positively to the business maintaining high occupancy rates alongside signing new lease agreements at City Center, leveraging recent initiatives to increase leasable square footage and create a more attractive offering for both shoppers and retailers. The announced acquisition of Golden Tower promises to further strengthen Aamal Property's leading portfolio of prime rental assets, reinforcing its presence in Qatar's most sought-after locations and enhancing its appeal to high-value tenants." 'Aamal Services was successful in delivering modest growth during the period despite facing notable challenges during the first half. This is a testament to the competent leadership of the various businesses as well as their strong positioning across respective markets. Opportunities arising in numerous sectors across banking, hospitality & tourism, government and construction, mean we are confident in the sector's ability to remain competitive and drive growth into the future. 'Looking ahead, we have good reason to be optimistic about maintaining the momentum generated during the first six months of the year. This set of results highlights well the benefits of Aamal's value creation strategy and investments, both in the last 6 months and 2024. Going forward, we are confident that these will continue to produce attractive opportunities for the Group to continue unlocking new growth avenues while increasing Aamal's positive value add across key sectors in Qatar and the GCC region in line with QNV 2030, to the benefit of both our shareholders and wider stakeholder groups.' Performance of the Industrial Manufacturing sector continued to improve with a 3.2% increase in revenue and 23.1% increase in net profit year-on-year. This performance was driven largely by the strong contributions of Aamal Readymix and Aamal Cement which were able to record solid revenue growth due to the increased mobilisation of new projects which, along with improved GP margin supported significant increases in net profit for both business units. The sector also continued to benefit from the involvement of various business units in major infrastructure and energy projects. This included El-Sewedy cables signing a QAR 1bn contract to support the expansion of Kahramaa's power transmission system in Qatar through the supply and installation of 132 kV power lines manufactured by Doha Cables, bringing the total project backlog to QAR 3bn elsewhere Senyar Industries was able to realise strong growth in revenue volume from its own involvement in the Kahramaa project and the North Field project also. The acquisition of an additional 20% ownership share in Frijns in December 2024 also supported the sector's positive performance which benefited more greatly from the company's substantial profit growth in the period. Looking ahead, the outlook for the industrial sector is strong. Recent strategic initiatives, such as the increased ownership of Frijns and APC, and the tight focus on operational improvements and efficiency gains, are already producing positive results, despite ongoing market challenges. Furthermore, the announced intention to establish a new infrastructure and construction solutions company in Saudi Arabia, promises to provide enhanced exposure to dynamic markets in the region while helping to further diversify the sector's revenue stream and unlock new avenues for growth. The Trading and Distribution sector recorded a largely flat performance for the period with total revenue marginally up by 1.0% and net profit down by 4.8% to QAR 53.6m (H1:2024 QAR 56.3m). Ebn Sina Medical continued to perform well due to organic growth in revenue targets aligned with the business module change. Throughout the period, the business continued to develop its competitive positioning and further support national healthcare goals by bringing the world's most advanced healthcare and pharmaceutical products to the Qatari market. Aamal Trading and Distribution also performed well with slight increases to both revenue and net profit driven by successful sell-out promotions to increase market share, and price increases on new service contracts. Meanwhile, the performance of Aamal Medical was down owing to a drop in demand from key sectors. The Property sector was able to achieve an excellent performance in H1 2025 with solid growth in both revenue and net profit. City Center Doha continued to see robust revenue growth with strong leasing and occupancy rates as well as the addition of new tenants supported by the recent 4000sqm expansion and strategic initiatives to enhance the attractiveness of the mall for both shoppers and retailers. Aamal Real Estate recorded a negligible decline in revenue and net profit due to renovation work in the residential properties. Aamal also announced a major positive development for the sector with the purchase of Golden Tower, also known as Aamal Tower, a landmark commercial asset in West Bay – a strategic move to enhance recurring income from prime real estate properties in Qatar. This initiative promises to enhance Aamal's already highly attractive property portfolio for tenants looking for rental solutions in leading locations across Qatar, helping to guarantee its leading market position into the future. The Managed Services sector was successful in growing revenue volumes during the first half, but net profit remained flat due to lower GP contributions from certain business units. At Aamal Services, MMS and ECCO Gulf, severe price competition and non-recurring orders produced downward pressure on profit. Maintenance Management Solutions in particular faced challenges created by strong comparables in Q1 2024 generated at the time by the completion of several ad hoc projects. Elsewhere in the sector, Family Entertainment Center leveraged effective marketing campaigns and facilities improvements which allowed the business to capture from higher footfall during Eid and the schools vacation period to achieve a robust performance for the period. Future Outlook: Looking ahead, Aamal Company have good reason to be optimistic about maintaining the momentum generated during the first six months of the year. This set of results highlights well the benefits of Aamal's value creation strategy and investments, both in the last 6 months and 2024. Going forward, Aamal Board of Directors and its executive management are both confident that these results will continue to produce attractive opportunities for the Group to continue unlocking new growth avenues while increasing Aamal's positive value add across key sectors in Qatar and the GCC region in line with QNV 2030, to the benefit of both the company's shareholders and wider stakeholder groups.'
Zawya
14 hours ago
- Business
- Zawya
Qatar: Amaal's net profit rises by 17.5%
Doha: Aamal's (a Qatari public shareholding company) Net Profit increased by 17.5 percent in H1 2025, reaching QR 221.289 million, compared to QR 188.363 million in the same period last year. According to the company's figures published on the Qatar Stock Exchange website on Monday, the Earnings per share (EPS) amounted to QR 0.035 as of June 30, 2025 versus Earnings per share (EPS) QR 0.03 for the same period in 2024. In a statement, HE Vice Chairman and Managing Director of Aamal Sheikh Mohamed bin Faisal bin Qassim Al-Thani commented: "Aamal's first-half performance is a strong endorsement of the Group's strategic direction and the capable leadership across all its business units." For his part, Chief Executive Officer of Aamal Rashid bin Ali Al Mansoori said: "Aamal's half-year results reflect the strength and resilience of our diversified business model, which continues to unlock opportunities across high-growth sectors. These results reinforce our confidence in the Company's strategic direction and its ability to capture long-term value across various markets in sector, not only in Qatar but in the wider region." © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Qatar Tribune
20 hours ago
- Business
- Qatar Tribune
Aamal net profit surges 17.5% to QR221.3 million in H1 2025
Tribune News Network Doha Aamal Company, one of the region's leading diversified companies, has announced its financial results for the first six months of 2025, showcasing steady growth and resilience across its business sectors. The company reported a total revenue of QR1,070.1 million for the first half of 2025, marking a rise from QR1,045.2 million in the same period last year. Gross profit increased marginally by 0.2 percent to QR261.8 million, compared to QR261.3 million in the first half of 2024. Net profit attributable to Aamal's equity holders rose significantly by 17.5 percent to QR221.3 million, up from QR188.4 million in the previous year. Earnings per share also climbed by 17.5 percent, reaching QR0.035 as compared to QR0.030 last year. Net capital expenditure reduced to QR13.8 million, down from QR19.9 million in the first half of 2024, while the company's gearing ratio increased to 2.93 percent from 0.69 percent. There were no fair value gains on investment properties reported in either in the first half of 2025 or in the first half of 2024. Aamal Vice Chairmanand Managing Director Sheikh Mohamed bin Faisal bin Qassim Al Thani noted that the first-half performance is a strong endorsement of the company's strategic direction and capable leadership across its diverse business units. He emphasised that Aamal's consistent ability to deliver value is supported by its diversified business model and disciplined execution. He highlighted the company's growing QR3 billion project backlog and strategic plans to expand regionally, including the creation of a new infrastructure and construction services company in Saudi Arabia. These steps, he stated, position Aamal well to capitalise on emerging regional opportunities. Aamal Chief Executive Officer Rashid bin Ali Al Mansoori added that the half-year results underscore the strength and resilience of Aamal's diversified business model. He said the company is unlocking opportunities across high-growth sectors not only in Qatar but across the wider GCC region. He pointed out that within the industrial manufacturing sector, Aamal delivered robust revenue and profit growth through major involvement in infrastructure and energy projects, including the QR1 billion contract signed by El Sewedy Cables with Kahramaa. This brings the total project backlog to QR3 billion. The announcement of a new infrastructure and construction solutions company in Saudi Arabia is expected to significantly enhance the company's regional exposure and diversify its revenue streams. In the trading and distribution sector, a stable performance was recorded with revenue increasing slightly by 1 percent. However, net profit declined by 4.8 percent to QR53.6 million, down from QR56.3 million in the first half of 2024. Ebn Sina Medical continued to grow through strategic product introductions, including a new agreement with Novo Nordisk to bring Wegovy to the Qatari market and a partnership with BeiGene to expand oncology treatment offerings. Aamal trading and distribution showed slight improvements in both revenue and profit through successful promotional campaigns and price adjustments, while Aamal Medical saw a decline due to reduced demand from key sectors. The property sector performed strongly in H1 2025, with solid revenue and net profit growth. City Center Doha maintained high occupancy levels and signed new tenants, supported by a 4,000 sqm expansion aimed at enhancing its appeal to shoppers and retailers. Although Aamal Real Estate experienced a slight dip in revenue and profit due to ongoing renovations in residential properties, the sector received a major boost with the acquisition of Golden Tower, now known as Aamal Tower. This landmark commercial asset in West Bay is expected to strengthen Aamal's portfolio of prime rental properties and attract high-value tenants. In the Managed Services sector, Aamal experienced growth in revenue volumes, though net profit remained flat due to lower gross profit margins from certain business units. Aamal Services, along with MMS and ECCO Gulf, faced challenges from severe price competition and fewer one-off orders compared to the first quarter of 2024. Maintenance Management Solutions saw a significant performance gap due to the absence of large-scale ad hoc projects completed during the previous period. On a positive note, the Family Entertainment Center performed well by capitalising on increased footfall during the Eid holidays and school vacation period through targeted marketing efforts and facility upgrades. Looking ahead, Aamal remains optimistic about sustaining its growth trajectory in the second half of the year. The company's strategic investments, sectoral resilience, and regional expansion plans position it to unlock new growth opportunities while contributing positively to key sectors in Qatar and the broader GCC region. The board of directors, along with the executive management, reiterated their confidence in Aamal's ability to continue delivering long-term value in line with Qatar National Vision 2030. The results for the first half of 2025 affirm the strength of Aamal's value creation strategy and highlight the company's commitment to operational excellence, regional leadership, and sustainable growth.
Zawya
a day ago
- Business
- Zawya
Aamal Company Q.P.S.C. (‘Aamal') Financial Results for the six months ended 30 June 2025
Doha – the Board of Directors of Aamal Company Q.P.S.C. ('Aamal'), one of the region's leading diversified companies, today announces its financial results for the six months ended 30 June 2025. Financial Highlights Total revenue of QAR 1,070.1m (H1 2024: QAR 1,045.2m) Gross Profit increased by 0.2% to QAR 261.8m (H1 2024: QAR 261.3m) Net profit attributable to Aamal equity holders up 17.5% to QAR 221.3m (H1 2024: QAR 188.4m) There were no fair value gains on investment properties in either H1 2025 or H1 2024 Reported earnings per share up 17.5% to QAR 0.035 (H1 2024: QAR 0.030) Net capital expenditure decreased by QAR 6.2m to QAR 13.8m (H1 2024: QAR 19.9m) Gearing reached to 2.93% (H1 2024: 0.69%) Sheikh Mohamed bin Faisal Bin Qassim Al Thani, Vice Chairman and Managing Director of Aamal, commented: 'Aamal's first-half performance is a strong endorsement of the Group's strategic direction and the capable leadership across all its business units. The results reflect our ability to consistently deliver value, supported by a diversified business model, disciplined execution, and a clear focus on long-term growth. With a growing project pipeline, including a QAR 3bn order backlog and plans to expand regionally through a new infrastructure and construction services company in Saudi Arabia, Aamal is well placed to capitalise on emerging opportunities and to continue to deliver strong results for all stakeholders.' Mr. Rashid bin Ali Al Mansoori, Chief Executive Officer of Aamal, also commented: 'Aamal's half-year results reflect the strength and resilience of our diversified business model, which continues to unlock opportunities across high-growth sectors. These results reinforce our confidence in the Company's strategic direction and its ability to capture long-term value across various markets in sector, not only in Qatar but in the wider region. 'Across each of our sector and business units our focus remains on accelerating growth and improving operational performance. Within the industrial manufacturing sector, we continued to deliver against this strategy throughout the period, achieving robust revenue and net profit growth. The sector also remained closely involved with major infrastructure and energy projects, supplemented by the signing of an additional QAR 1bn contract with Kahramaa, bringing the total order backlog to QAR 3bn. The planned creation of a new infrastructure and construction solutions company in Saudi Arabia was also announced, with potential to significantly boost Aamal's exposure to dynamic regional markets, while diversifying revenue streams and unlocking new growth opportunities. 'In the Trading and Distribution sector, a steady performance was sustained in the first half, with several developments undertaken to further support the national healthcare system through the delivery of cutting-edge pharmaceuticals and medications. This included a new agreement with long-term partner Novo Nordisk to introduce Wegovy® to the Qatari market and strategic partnership with BeiGene related to oncology treatments. 'Aamal's Properties sector continued to contribute positively to the business maintaining high occupancy rates alongside signing new lease agreements at City Center, leveraging recent initiatives to increase leasable square footage and create a more attractive offering for both shoppers and retailers. The announced acquisition of Golden Tower promises to further strengthen Aamal Property's leading portfolio of prime rental assets, reinforcing its presence in Qatar's most sought-after locations and enhancing its appeal to high-value tenants." 'Aamal Services was successful in delivering modest growth during the period despite facing notable challenges during the first half. This is a testament to the competent leadership of the various businesses as well as their strong positioning across respective markets. Opportunities arising in numerous sectors across banking, hospitality & tourism, government and construction, mean we are confident in the sector's ability to remain competitive and drive growth into the future. 'Looking ahead, we have good reason to be optimistic about maintaining the momentum generated during the first six months of the year. This set of results highlights well the benefits of Aamal's value creation strategy and investments, both in the last 6 months and 2024. Going forward, we are confident that these will continue to produce attractive opportunities for the Group to continue unlocking new growth avenues while increasing Aamal's positive value add across key sectors in Qatar and the GCC region in line with QNV 2030, to the benefit of both our shareholders and wider stakeholder groups.' (Notes: there may be differences due to rounding) REVENUE QAR m H1 2025 H1 2024 Change Industrial Manufacturing 92.1 89.2 3.2% Trading and Distribution 756.8 749.2 1.0% Property 170.0 157.8 7.7% Managed Services 80.7 79.1 2.0% Eliminations (29.5) (30.0) 1.8% TOTAL 1,070.1 1,045.2 2.4% NET PROFIT QAR m H1 2025 H1 2024 Change Industrial Manufacturing 33.0 26.8 23.1% Trading and Distribution 53.6 56.3 (4.8%) Property - 138.7 123.6 12.3% Managed Services 9.6 9.5 0.8% Head Office (13.5) (28.6) 53.0% TOTAL 221.5 187.6 18.1% SEGMENTAL BREAKDOWN (Notes: there may be differences due to rounding) INDUSTRIAL MANUFACTURING QAR m H1 2025 H1 2024 Change Revenue 92.1 89.2 3.2% Net profit fully consolidated activities (9.9) (2.2) (358.9%) Net underlying profit margin % (10.7%) (2.4%) (8.3 ppts) Share of net profit of associates and JV 42.9 28.9 48.1% Net profit 33.0 26.8 23.1% Performance of the Industrial Manufacturing sector continued to improve with a 3.2% increase in revenue and 23.1% increase in net profit year-on-year. This performance was driven largely by the strong contributions of Aamal Readymix and Aamal Cement which were able to record solid revenue growth due to the increased mobilisation of new projects which, along with improved GP margin supported significant increases in net profit for both business units. The sector also continued to benefit from the involvement of various business units in major infrastructure and energy projects. This included El-Sewedy cables signing a QAR 1bn contract to support the expansion of Kahramaa's power transmission system in Qatar through the supply and installation of 132 kV power lines manufactured by Doha Cables, bringing the total project backlog to QAR 3bn elsewhere Senyar Industries was able to realise strong growth in revenue volume from its own involvement in the Kahramaa project and the North Field project also. The acquisition of an additional 20% ownership share in Frijns in December 2024 also supported the sector's positive performance which benefited more greatly from the company's substantial profit growth in the period. Looking ahead, the outlook for the industrial sector is strong. Recent strategic initiatives, such as the increased ownership of Frijns and APC, and the tight focus on operational improvements and efficiency gains, are already producing positive results, despite ongoing market challenges. Furthermore, the announced intention to establish a new infrastructure and construction solutions company in Saudi Arabia, promises to provide enhanced exposure to dynamic markets in the region while helping to further diversify the sector's revenue stream and unlock new avenues for growth. TRADING AND DISTRIBUTION QAR m H1 2025 H1 2024 Change Revenue 756.8 749.2 1.0% Net profit 53.6 56.3 (4.8%) Net underlying profit margin % 7.1% 7.5% (0.4 ppts) The Trading and Distribution sector recorded a largely flat performance for the period with total revenue marginally up by 1.0% and net profit down by 4.8% to QAR 53.6m (H1:2024 QAR 56.3m). Ebn Sina Medical continued to perform well due to organic growth in revenue targets aligned with the business module change. Throughout the period, the business continued to develop its competitive positioning and further support national healthcare goals by bringing the world's most advanced healthcare and pharmaceutical products to the Qatari market. Aamal Trading and Distribution also performed well with slight increases to both revenue and net profit driven by successful sell-out promotions to increase market share, and price increases on new service contracts. Meanwhile, the performance of Aamal Medical was down owing to a drop in demand from key sectors. PROPERTY QAR m H1 2025 H1 2024 Change Revenue 170.0 157.8 7.7% Net profit- fully consolidated activities before FV losses on investment properties 135.7 120.8 12.4% Net underlying profit margin % 79.8% 76.6% 3.3 ppts Share of net profit of associates and JV 3.0 2.8 8.5% Net profit - before FV 138.7 123.6 12.3% Fair value losses on investment properties - - 0.0% Net profit 138.7 123.6 12.3% The Property sector was able to achieve an excellent performance in H1 2025 with solid growth in both revenue and net profit. City Center Doha continued to see robust revenue growth with strong leasing and occupancy rates as well as the addition of new tenants supported by the recent 4000sqm expansion and strategic initiatives to enhance the attractiveness of the mall for both shoppers and retailers. Aamal Real Estate recorded a negligible decline in revenue and net profit due to renovation work in the residential properties. Aamal also announced a major positive development for the sector with the purchase of Golden Tower, also known as Aamal Tower, a landmark commercial asset in West Bay – a strategic move to enhance recurring income from prime real estate properties in Qatar. This initiative promises to enhance Aamal's already highly attractive property portfolio for tenants looking for rental solutions in leading locations across Qatar, helping to guarantee its leading market position into the future. MANAGED SERVICES QAR m H1 2025 H1 2024 Change Revenue 80.7 79.1 2.0% Net profit- fully consolidated activities 8.5 8.3 2.1% Net underlying profit margin % 10.6% 10.5% 0.0 ppts Share of net profit of associates and JV 1.1 1.2 (8.6%) Net profit 9.6 9.5 0.8% The Managed Services sector was successful in growing revenue volumes during the first half, but net profit remained flat due to lower GP contributions from certain business units. At Aamal Services, MMS and ECCO Gulf, severe price competition and non-recurring orders produced downward pressure on profit. Maintenance Management Solutions in particular faced challenges created by strong comparables in Q1 2024 generated at the time by the completion of several ad hoc projects. Elsewhere in the sector, Family Entertainment Center leveraged effective marketing campaigns and facilities improvements which allowed the business to capture from higher footfall during Eid and the schools vacation period to achieve a robust performance for the period. Future Outlook: Looking ahead, Aamal Company have good reason to be optimistic about maintaining the momentum generated during the first six months of the year. This set of results highlights well the benefits of Aamal's value creation strategy and investments, both in the last 6 months and 2024. Going forward, Aamal Board of Directors and its executive management are both confident that these results will continue to produce attractive opportunities for the Group to continue unlocking new growth avenues while increasing Aamal's positive value add across key sectors in Qatar and the GCC region in line with QNV 2030, to the benefit of both the company's shareholders and wider stakeholder groups.' CONFERENCE CALL DETAILS A conference call to discuss the results will be held on Thursday 31 July 2025 at 2.00pm Doha time. The details for the conference call are as follows: ABOUT AAMAL COMPANY Q.P.S.C. Aamal is one of the Gulf region's most diversified conglomerates and has been listed on the Qatar Stock Exchange since December 2007. As at 28 July 2025, the Company had a market capitalisation of QAR 5.29 bn (US$ 1.45 bn). Aamal's operations are widely diversified and comprise 32 active business units (subsidiaries and joint ventures) 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.
Qatar Tribune
15-07-2025
- Business
- Qatar Tribune
Aamal acquires Golden (Aamal) Tower for QR478.4 million
Tribune News Network Doha Aamal Company (Aamal), one of the region's largest and most diversified companies, is on Tuesday announced that through its subsidiary, Aamal Real Estate (ARE), it has entered into an agreement to purchase the Golden (Aamal) Tower located in Onaiza, Doha, for a total price of QR478.4 million. The purchase price was determined based on an independent valuation conducted by Cushman & Wakefield Qatar, an independent valuation firm accredited by the relevant regulatory authorities. The property is currently owned by Al Jazi Real Estate which is a related party. The Golden (Aamal) Tower is a prominent mixed-use property with a total of 32 floors comprising 33 commercial office units across 15 floors and 72 residential apartments from floors 16 to 32, with three basement levels providing parking for 341 vehicles. Strategically positioned in the high-demand Onaiza area, the property boasts an 88 percent occupancy rate reflecting its position as a preferred choice among tenants. The purchase aligns with Aamal's strategic vision to expand its recurring income portfolio. Based on current occupancy levels, the property is expected to generate approximately QR 20 million in annual rental income, with projected growth of 3 percent to 5 percent per annum. The purchase will be fully financed through a bank facility under Aamal Company. This investment is expected to yield multiple synergies for Aamal, particularly by centralising several group subsidiaries under one roof, reducing third-party rental dependence, and creating long-term cost efficiencies. Moreover, the company anticipates significant capital appreciation, supported by Qatar's strong economy. On this occasion, Aamal Company CEO Rashid bin Ali Al Mansoori said, 'This purchase reflects our strategy to expand our real estate portfolio with profitable and high-quality assets in terms of location and asset type, which includes a mix of commercial and residential. The Golden (Aamal) Tower is not only a high-quality asset in a prime location, but it also offers long-term value through strong rental returns and operational efficiencies. By consolidating several of our group companies into one property, we are reinforcing our commitment to sustainable growth, cost optimisation, and value creation for our shareholders.' This purchase underscores Aamal's commitment to enhancing shareholder value through sound, income-generating investments and prudent financial strategy.
