Business & Finance Club - Doha : The CEO of Qatar’s largest real estate developer by market value has said the company expects to complete projects worth an estimated QR20bn ($5.49bn) over the next three years.

Hisham Al Sahtari, CEO and MD of Ezdan Real Estate Company, told a press conference that the developer had completed 10,000 units in Qatar and was working on another 15 to 20,000 units, according to Doha-based daily Al-Sharq.

Sahtari added that Ezdan is close to concluding a final deal with partners who will own stakes in a QR1bn Malaysian real estate fund that is expected to be listed on the Malaysian bourse by the end of 2010. He said three Qatari companies had shown interest in investing in the fund.

Ezdan reported QR117.3m in net profits for the first half of this year. Six-month results showed that the shareholders’ equity increased to QR27.4bn as compared to QR27.3bn in the corresponding period last year.

The company booked a growth in assets of 2.4 percent for H1 2010 as compared to H1 2009, as assets increased to QR30.8bn from QR30bn, pushing earnings per share (EPS) to QR0.044. Operating incomes reached QR218.7m, mostly generated from rents.

Meanwhile, the company said real estate investments for under-construction projects reached QR21.6bn as compared to QR21bn in June 2009, at an increase of three percent.