Abyaar Qatar Real Estate Development Company held its ordinary and extraordinary general meetings at the building of the Ministry of Commerce and Industry. During the meeting, which was attended by a number of the main shareholders, the company discussed raising the capital as well as their future strategies and plans.
Yousef Al-Hashemi, Chairman of Abyaar Qatar said that the general meetings agreed on raising the capital of the company from its original KD 15 million to KD 26,567,217, with subscription to the KD10 million increase open only to registered shareholders at the time of the general meeting, while subscription to the remaining KD1,567,217 open for new shareholders, as current shareholders wave their rights to priority for new shares.
“Abyaar Qatar has been established with a capital of KD 15 million. And now, the raise comes to meet the plans drawn for the company's future projects and expansions. Main shareholders in Abyaar Qatar include Aayan Leasing and Investment Company, Securities House, Abdul Aziz Al Dakheel, Aljaber Group, Al Rashdan Group and Abyaar Real Estate Development Company. The official announcement of the company in Qatar will take place towards the end of this year.”
Al-Hashemi added that the company board will set the quota for the distribution of shares on the new shareholders, as well as the regulations for capital call. “The cost of our projects in Qatar is estimated at one billion Qatari Riyal. We have recently obtained permits from Qatari Diar, main developers of Lusail project, to start working on our projects in Qatar in the land that we bought," he said.
About Abyaar:
Founded in 2005, Abyaar Real Estate Development is a joint venture between Kuwait’s Aayan Leasing and Investment Company and Al Rashdan Group.
Abyaar develops residential, commercial, retail and hospitality projects using accomplished external and interior architects to create an unparalleled boutique product.
Despite being in operation for just three years, Abyaar’s portfolio already features an impressive collection of exclusive, freehold initiatives.
‘Building Excellence’ is the company’s guiding principle. Taking inspiration from the literal Arabic meaning of ‘Abyaar’– meaning “the Sources” – the company’s vision is to develop boutique, contemporary destinations differentiated through exceptional quality.
