Mubasher: Aamal Real Estate on Tuesday announced that it has purchased assets in Doha from related parties at a total value of QAR 179.5 million, according to the company’s statement on the Qatar Stock Exchange (QSE).
Aamal Real Estate is a wholly-owned subsidiary of Qatar's Aamal, which is a diversified investment firm.
The assets included three residential compounds located in West Bay Lagoon, Al Waab, Abu Hamour and Madinat Khalifa. They include 24 villas and two buildings containing 20 apartments, according to the company’s statement.
The financial impact of the new takeovers would be reflected on 2018 first quarter financials, the statement added.
Aamal Real Estate’s revenues are expected to grow 9% year-on-year to QAR 1.9 million in Q1-18.
“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,” said Mohamed Bin Faisal Al Thani, vice chairman and managing director of Aamal Company
Qatar’s real estate sector has witnessed steady growth, in addition to offering a slew of attractive opportunities on the back of near completion of infrastructure projects, the top official added.
