Jeddah – MENA Herald: During a meeting held in Beirut, Solidere International (SI) presented to investors and representatives from local and regional financial institutions the progress made in the Company’s ongoing projects and vision for the future. Those projects are witnessing accelerated development in KSA and the UAE- 60% of them is expected to be delivered by Q1 2017. In 2015, SI showed a strong financial performance with a consolidated income of US$61.8 million, a total equity rise of 7% to US$1 billion and total assets exceeding US$1 billion.
Chief Operating Officer Ousama Kabbani and Chief Financial Officer Rami Karimeh went over the significant milestones in the delivery of some of SI’s flagship projects, namely in the Al Zorah Development in Ajman where the inauguration of the world-class, 18-hole golf course was received with much enthusiasm from investors, industry experts and golf enthusiasts alike. 2016 and 2017 will further witness the delivery of a substantial number of the Company’s 12 ongoing projects in 3 countries, which extend over 8 million square meters and with a value exceeding US$1.9 billion.
Business Development Director Elias Abou Samra stated that, despite the challenging regional business environment, SI continues to assess project and investment risks, diversify its portfolio and target new promising markets. The Company is also gradually rolling out a series of retail strips which will generate stable cash flow.
In KSA, the focus is on accelerating work. Delivery of both Golden Tower in Jeddah and a large part of the expatriate compound in Riyadh, Wadi Qortoba, is expected in 2016. The Company is planning on exiting and monetizing the nearly-completed developments, which will be delivered and sold in the forthcoming 12 to 18 months, resulting in a substantial increase in cash balance available to the Company in 2017 and 2018.
To maintain a constant growth cycle, SI will redeploy a share of collected capital by investing in new opportunities– some of which will be acquisitions or projects in the pipeline in KSA, the UAE or other promising markets.