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00:00For the financial year 2021-2023,
00:06Alhamdulillah, the real estate business has achieved a profit of about 14.4 million,
00:13which is equivalent to an increase of about 16%.
00:17Of course, this is in line with the strategy set by the Board of Directors,
00:21which relies on diversifying income sources from real estate investments,
00:26foreign and local investments,
00:29in addition to reducing our expenses.
00:34Alhamdulillah, we were able to achieve these results
00:37thanks to the efforts of the company's employees and the executive board.
00:42You also mentioned that despite the challenges,
00:46one of the main ones is the increase in financing,
00:50the cost of financing and the interest rate.
00:53This is also a challenge that all companies face.
00:56For you, how do you face this challenge?
00:59What are your strategies for dealing with it?
01:02Especially since it was mentioned that the current mid-year special price will be reduced,
01:08but perhaps some things will be delayed.
01:11Indeed, there is an increase of about 69% in the cost of financing.
01:17In return, the company also increased its operating revenues,
01:23i.e. hotel revenues, real estate revenues, and investment revenues.
01:28This helped in reducing the cost of financing.
01:35Of course, the increase is about 5 million dinars,
01:38not a small amount for the real estate sector,
01:40but thanks to the Board of Directors,
01:42we were able to achieve the income that we want.
01:46Inshallah, in the coming years, things will be better.
01:50According to what we are hearing,
01:53Inshallah, in the second half of the year,
01:55we will consider reducing the cost of financing.
02:01What are your plans for expansion and for your projects?
02:05There was a lot of news about companies from several sides.
02:09Indeed, in 2023, we started our partnerships with some strategic investors.
02:15We are involved in geographical projects in the United States,
02:20Western European countries, and some Gulf countries,
02:26including Dubai and Saudi Arabia.
02:29Of course, these investments have had a good impact on the end of this year.
02:36One of the projects we have now in Dubai with one of the strategic partners
02:41is the Orla Dochester project in Jumeirah.
02:44We also have the Aria Vacation Club project in Jumeirah.
02:49In the United States, we have the Miami Residence project,
02:55which is also a successful project with one of the strategic partners.
03:00In addition, we now have, through a partner company,
03:04a real estate statement company in Saudi Arabia,
03:10in the area of expertise.
03:13We started selling some of the commercial and investment shares there.
03:18This, of course, strengthened our intentions,
03:21in addition to the growth in the percentage of employment in our company,
03:27which is the real estate portfolio,
03:29which led to an increase in profits,
03:32and it will also lead, God willing, in the coming years,
03:35we hope to reach a satisfactory and profitable percentage for the company.
03:41Of course, one of our policies is to have low-risk projects,
03:47that is, to have a balance in risk.
03:50We always have sustainable projects in terms of distribution,
03:53in terms of stability and willpower.