Mr. Khalid Al-Roudan Manager of Marketing and Sales Department at Bayan Investment Company – stated that the IPO in the capital increase of Dar Al-Dhabi Holding Company (compatible with Islamic Sharia) witnessed high demand, where it was subscribed to by several major local, gulf and international companies, while discussions and contracts are currently under way by some entities and other companies to reserve a portion of the stocks before the deadline date of subscription.
He added that the subscription duration in the shares increase of Dar Al-Dhabi Holding Company from 1 million Kuwaiti dinars to 100 million Kuwaiti dinars, which Bayan owns 30% of , had started from March 31, 2008 and continues until the end of business day of April 30, 2008, at a price per share 100 fils plus IPO commission 10% (5 fils share premium and 5 fils placement expenses), and the right to subscribe is open for all citizens and residents within the State of Kuwait and abroad.
Moreover, the project features a strategic location and distinctive overlooking to the only Marina within Najmat Abu Dhabi project on Al-Reem Island, with an area of approximately 6.5 million square meters in addition of being the closest natural island to the commercial heart of the city of Abu Dhabi, since it lies only 300 meters away, and it is considered an extension to the commercial and administrative center of the capital Abu Dhabi. Dar Al-Dhabi project is also distinguished by the type of construction which will be composed of 60% residential and 40% commercial, the highest within Najmat Abu Dhabi plots, and its proximity of the largest commercial shopping center on the island in addition to proximity from two five stars hotels and the site devoted to build the branch of International Sorbonne University. Also, the island will be connected to Abu Dhabi city through 8 bridges which will facilitate the process of access, where it is away from Abu Dhabi airport by only 20 minutes. Highlighting that the island has characterized with the freedom of property ownership for citizens and foreigners, according to the latest laws issued in this regard, and it is expected to achieve an internal rate of return not less than 22%.
Mr. Al-Roudan also pointed out to the growth witnessed by the economy in the UAE being one of the fastest growing economies of the world, as stated in recent reports issued by the Ministry of Trade and Industry, and “CIA World Fact Book”. Abu Dhabi also enjoys the highest income of capital in the world, which gave Al Reem Island in general and Najmat Abu Dhabi project in particular a unique investment style in a distinctive and unique opportunity.