Azuri Real Estate Reports Financial Performance for First Half of 2023

Azuri Real Estate (ARE), a prominent Qatari public shareholding company and the master developer of The Pearl and Gewan Islands, has disclosed its financial results for the first half of 2023. The report shows a net profit of QR 189 million and revenues totaling QR 881 million. The net profit attributable to equity shareholders is QR 188 million, with basic earnings per share of QR 0.053.

In this period, ARE has achieved notable sustainability in its operations, effectively balancing its development and commercial ventures across The Pearl and Gewan Islands. The company's dedication to operational efficiency and delivery excellence has maintained this balance, allowing ARE to generate a diversified and stable revenue stream.

Following new real estate financing regulations by the Qatar Central Bank, ARE is poised to capitalize on these initiatives, which are anticipated to influence the real estate sector's regulation and progression significantly. These measures are expected to provide substantial benefits for local and international investors, aligning with ARE's vision of fostering growth in the real estate market.

ARE's steadfast commitment to Qatar's vision and its focus on delivering outstanding projects on The Pearl and Gewan Islands highlights its role in enhancing the region's real estate landscape. By employing innovative strategies and maintaining high standards, ARE remains a pivotal force in urban development and long-term prosperity.

In the year's first half, ARE focused on offering a diverse property portfolio with world-class communal facilities on the Pearl and Gewan Islands. This strategy provides investors various residential and commercial options in a strategic location, offering numerous incentives and benefits. This approach is designed to create value for shareholders and ensure sustainable revenues.

Dedicated to diversification and innovation in residential projects, ARE recently inaugurated United School International and is set to open United International Hospital on Pearl Island. The company provides a range of residential options like apartments, villas, and compounds, catering to diverse investor preferences. Additionally, ARE has launched investment projects on Gewan Island, including Crystal Residence apartments and the climate-controlled Crystal Promenade.

Gewan Island is expected to fully launch in early 2024, poised to become a globally recognized destination that combines luxury living with recreational opportunities, offering a unique experience for both locals and international visitors.

ARE, established in 1999 and listed on the Qatar Exchange since June 2003, is a leading Qatari company with an authorized share capital of QR 3.5 billion and total assets of QR 19.6 billion as of June 30 2023. The company operates in various vital sectors, including real estate development, property management, infrastructure, utilities, district cooling, and maritime and hospitality businesses.

Doha, Qatar - July 26, 2023