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00:00 We are very happy with the four of them.
00:02 The main reason is the size of the sales and the size of the development of the projects that we started in 2023.
00:11 Thank God, all our plans have succeeded in implementing them better than expected.
00:18 Let's talk about your view of the real estate sector in light of your coverage of the region in the UAE. What are your expectations for 2024? Is there any expected growth? Is the demand large? What about the offer of real estate units in the country?
00:42 There is a difference. I think that there will be a lot of growth in the real estate sector. We are at the beginning of the development of the real estate sector as a building and the offers for housing and hospitality.
01:00 I expect that the next three years will be very strong in the development and tourism sectors.
01:09 The main difference is that the offers are now international. There are a lot of investors from Europe, from the CIS countries, from the public sector. This is a very encouraging issue.
01:30 We do not plan to increase sales, on the contrary, every new project increases the demand for it.
01:37 Where will you invest the profits for the coming period? Will the expansion be part of your vision for the future or will you keep the cash?
01:50 I will keep the cash. We have a strategic plan. The first year was excellent, as we mentioned. In the second year, we will continue with the same approach.
02:07 A large part of the profits we have will be invested in future projects. Part of it will be the debt we will receive. We currently have a debt of almost 1.4 billion, which is a very healthy leverage ratio compared to the total property.
02:31 With the continuation of the central banks, it seems that the prices of interest rates will continue to rise globally. Will you have to invest more or will you stop investing?
02:46 No, with the expansion we have planned, the interest rates will increase. We expect that the interest rates will start to decrease in the last quarter of this year.
03:11 But this is all within our plans and calculations.
03:16 For anyone, expansion may include areas where you have not previously tried. Is there a potential for growth?
03:32 The main focus will be on the tent. We see the demand and the demand, so there is no need to think about other places. We have lands in Dubai and Abu Dhabi, which we are currently studying expansion in.
03:49 But our main focus will be on the tent. The focus will also be in three directions. Of course, the housing, the communities we build, the hotels. We currently have four hotels.
04:05 Two have opened in the past year, Intercontinental and Antara. Two are under construction, which are Nikki Beach and Staybridge. We will soon announce a fifth hotel and at the end of the year we will announce a sixth hotel.
04:24 We will also enter the field of distribution, retail strips in the Arab port. The Arab port is our main focus.
04:34 Which of the sectors that you mentioned is the most profitable?
04:52 The most profitable is real estate development, housing sales, for free. But our strategy is recurring revenue, which is focused on hotels.
05:09 We are looking for a company that provides us with recurring income of about 15% of the company's revenues. Retail is a need for the communities we have. We are active in it and there will be demand for it.
05:24 These are the three directions, frankly. We are studying entertainment and sports. This is one of the areas that I imagine will be in demand.