The local Al-Qudra Holding is planning to stage an initial public offering (IPO) in early 2007. 'We have all it takes, and we will launch an IPO early next year,' Al-Qudra chairman Salah Salem bin Omair al-Shamsi told MEED on 13 June. 'Foreign investors can already own up to 49 per cent of the company through over the counter trade at National Bank of Abu Dhabi.'
The company reported net profits of AED 212 million ($58 million) for its first seven months ending in April. The majority of the profits were realised through the upturn in the stock markets and contributions from the foundation of its new companies.Al-Qudra, through its subsidiary Al-Qudra Sports Management, has also formed a new joint venture company with Dubai Real Estate Investment, part of Dubai Investments, called QDI Sports Management. The new company will manage clubs and sports facilities, and provide planning services for sporting events.The first project to be undertaken by the new company will be an estimated AED 180 million ($50 million) country club, called Dubai Premier, next to the Green Community and Dubai Investments Park.The company has formed a range of other companies in various sectors including construction, infrastructure, real estate, industry, transport, energy and education (MEED 27:1:06).
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