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00:00 In general, this phase was proposed more than two months ago.
00:06 When we proposed the first phase, the market was very positive about it.
00:12 This indicates that the market is still waiting for a certain type of real estate
00:18 that is suitable for the different classes of society.
00:24 And because we saw that the first phase was positive,
00:32 I think this is a good indicator that we are proposing a second phase.
00:36 But to reiterate my point about the over supply in the market,
00:42 I think that the proposed phase is suitable for the current market growth
00:50 and we will continue to propose housing units according to the market demand.
00:56 As long as we see good demand from the tenants and companies to accommodate their employees.
01:04 And thank God, we expect that in the future there will be a logical and positive growth in the demand
01:11 in the medium and long term.
01:14 You are saying that the real estate market still needs more housing units.
01:19 Do I understand your point that the company is planning to develop new real estate projects?
01:27 Currently, the market is back to normal.
01:30 We expect that the market will be deep and solid.
01:34 And we expect that in the future there will be a logical and suitable growth in the market.
01:42 As for future projects, IZDAN is always studying the market and the market demand for housing units.
01:49 And if there is a need, the board of directors will guide us in this direction.
01:55 Now, with this project, Mr. Hani, what is the value of the real estate portfolio for the company
02:00 and the number of housing units available in the real estate market by IZDAN?
02:05 The real estate portfolio is of course different in valuation from time to time.
02:09 We are currently evaluating the budget.
02:13 According to the current budget, the value is approximately 47 billion Riyals.
02:20 If I remember the number correctly.
02:23 As for the size of the IZDAN portfolio, the real estate portfolio alone has reached 33,500 housing units.
02:33 How do we expect the financial impact of this project will be on the company's future revenues and profits?
02:40 Yes, the real estate portfolio will have a positive impact on the company's operating profits.
02:47 We always try to achieve positive growth levels in terms of operating costs for the real estate portfolio.
02:57 We expect that this project will contribute positively to our revenues and operating profits.