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Abu Dhabu: With its headquarters in Abu Dhabi, Housing Real Estate Company has been established with a capital of Dh1.2 billion. Company aims to cater for the middle-income groups and will invest in real estate projects with best returns at minimal risk. It will also implement Islamic real estate investment methods in all the projects it finances.
"The company will strive to apply effective building, administrative and maintenance tools at a low cost in order to reduce operating costs," said Mohammad Muhana Al Qubeisi, the Head of the board of directors of Housing Real Estate.
The company aims to achieve 30% annual returns on average and eventually transform itself into a public shareholding company within two years in order to enter the stock market.
As a first step, the company intends to prepare and design some projects in the UAE worth Dh4 billion. With focus on real estate projects that serve low and middle income groups, it will execute residential, commercial and tourist projects at low costs.
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