Al Khaleej Development Company (Tameer) announced its financial results for 2007 after its board meeting, where it achieved a net profit of 45.2 million US dollars with an increase of %39 from 2006 which was 32.6 million US dollars. Moreover the return on the cent is 23.46 US cents with an increase of %22 from 2006 which was 19.21 US cent. The owner’s equity reached 184.6 million US dollars with an increase of %70 from 2006 which was 108.2 million US dollars. Furthermore the company recently increased its capital from 55 million US dollars to 91 million US dollars at the end of June 2007.

 In addition the board members have agreed to distribute %32 profits from the paid-up capital divided in %25 cash and %7 in shares, where it will be discussed in the next assembly general meeting.

On this occasion Mr. Samir Yaqoob Al-Nafisi chairman of board of directors of Tameer commented,” We are pleased with these results the company achieved that came after a year, witnessing high activities in the real estate market in the Kingdom and an anticipated growth due to the open policy that the Kingdom practices in the fields of investment and attracting high capitals especially in the real estate market.”

Moreover Mr. Al Nafisi pointed out that the growth of the company since its inception until now proves the strength of the company and the quality of its projects through its skilled workforce and the diversity of its investments that the company executes, supported by the trust of its investors and its strategic alliances.

On the other hand Mr. Ahmed Al Qattan vice chairman and managing director commented,” 2007 was a year filled with activities and the most important of them all was the increase of its capital. The year also witnessed many developments which include the finalization of the master plan for Marina Durrat Al Bahrain and the beginning of the reclamation for the project. In addition the end of reclamation works for the Bahrain Investment Wharf and marketing a large portion of the project. Moreover delivering the residential units of Tala Island and exiting the investors from Al Wahat investment.

Mr. Al Qattan also praised the Kingdom’s policy in encouraging the attraction of capitals from the outside, showing gratitude to the government in supporting projects and the private sector in playing a bigger role in the Kingdom’s economy.