Business | Property
Sorouh vows to go ahead with projects despite crisis
Sorouh Real Estate, which is executing projects worth about Dh70 billion across Abu Dhabi, plans to go ahead with its projects as planned despite the global downturn, a top company executive said yesterday.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 23:45 December 18, 2008
Abu Dhabi: Sorouh Real Estate, which is executing projects worth about Dh70 billion across Abu Dhabi, plans to go ahead with its projects as planned despite the global downturn, a top company executive said yesterday.
Samer F. Abu Hijleh, chief operating officer of Sorouh, one of the largest real estate companies by market capitalisation in the UAE, told Gulf News that their projects in the advanced stages of planning are also going ahead, but admitted there are constraints in the market on raising funds.
"Sorouh being a leading company in the Abu Dhabi real estate market will always find sources of finance due to its creditworthiness," said Abu Hijleh.
"The global economic crisis is taking its toll internationally and regionally. The situation is not unique to Sorouh. Our financial results have only improved."
Abu Hijleh said the company has no downsizing plans to cut costs.
"In fact, we are hiring staff. We expect to hire more people next year," he said.
Sorouh currently has more than 250 employees.
Abu Hijleh said Sorouh's Sun and Sky Towers on Abu Dhabi's Reem island will come online in 2010. He said all 1,140 units in the two towers had been sold.
As well, Abu Hijleh said Sorouh has sold about 100 of its 111 plots to sub-developers on Shams on the Reem island.
Sorouh's shares ended 1.17 per cent lower on Tuesday on the Abu Dhabi Securities Exchange to close at Dh3.27 a share on a declining market.
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