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00:00 We were looking at the profits mainly because of the specialties.
00:06 These specialties are related to a project that was submitted in 2018.
00:10 There are ongoing cases between us and the contractor.
00:13 The court of appeal for the contractor compensated 80 million.
00:17 We had specialties of about 75% of this value.
00:23 We had to take additional specialties, which had a negative effect on profits.
00:28 As you can see in the financial statements.
00:31 Were the other factors that led to the revocations related to the World Cup in 2020?
00:36 I think that the investors who followed the journey of change and the restructuring of the company
00:46 saw that we had losses in 2021 and then the company was restructured.
00:52 We were excluded from the non-profit projects and some projects that had additional losses.
01:00 Now we are in a transitional phase and we are starting to launch new projects.
01:06 The year 2022 was a special year because there was a high turnover for all real estate with high prices.
01:15 We benefited from the World Cup.
01:18 Now we are back to the normal market situation with moderate prices.
01:23 We see more opportunities in the development field.
01:26 As you can see, we started to focus on it and launched the first two projects for sale in 2023.
01:32 These projects will have profits in the coming years with the submission of the projects.
01:37 We have not seen a real correction in the price level after the World Cup.
01:42 What do you think, Sheikh Haman?
01:44 As a member of the board of directors and the CEO of the company,
01:51 it is difficult for me to talk about the price of my share.
01:55 I can answer you about the profits and the will.
01:59 But the price is the investor's evaluation of the share.
02:04 There is good trading on our share.
02:09 We have investors who invest in different ways, including trading and long-term investment.
02:19 It is difficult for me to talk about the price.
02:25 But at the same time, we have reduced the capital.
02:29 If we compare the price of the share after the reduction, we will find a difference.
02:35 Sheikh, why didn't you consider buying a stock?
02:39 You have a good market share and your share price is 29-30% without the name value.
02:44 Did you consider this choice?
02:46 We had an experience with the stock market.
02:51 We were one of the only companies that tried this experience.
02:54 We agreed on a certain amount of shares.
02:58 We bought a third of the share.
03:02 The price of the share was very high.
03:07 We had to stop buying because there was a very strong effect on a small amount of shares.
03:16 We focused on investing the cash in projects that contribute to profit for a longer period.
03:28 You had acquisitions and withdrawals in 2023.
03:33 You even invested in small projects.
03:38 You invested in buildings and withdrew money from them.
03:41 Tell me about the new projects.
03:45 Each company has a specific target.
03:49 There was an administrative change in 2021.
03:56 We inherited many assets including hotels and buildings.
04:02 We opened the hotel to profit from it.
04:07 But at the same time, this activity is not a main activity for the company.
04:12 At the same time, there were four properties in Dubai that we bought between 2008 and 2010.
04:24 We bought three of them and studied them.
04:27 We found that these properties were better to sell at this price than to develop.
04:33 Because they were residential areas for rent.
04:39 There was no strong sale.
04:41 There was a land that we exchanged with the developer.
04:46 We went to a more vital and better area.
04:49 We saw that there was a chance to develop.
04:51 Now we are studying the development of this project.
04:53 All the changes that you see in the investment capital of the company reflect the company's strategy.
05:02 It focuses on the principles of the director of income in terms of long-term investments.
05:10 The projects that we develop activate the company's real estate development activity.
05:17 It is in line with the market demand and the opportunities that exist.
05:21 The challenges are still present in the real estate sector.
05:24 In Qatar, we saw that the real estate sector is exposed.
05:29 Today, we see that the inflation rate in Qatar is still at 3%.
05:34 Even in the real estate sector, we did not see a big change between this year and the next.
05:46 Of course, analysts and bankers always see the real estate market as one sector.
05:56 But it is more than one sector.
05:59 If you look at our focus on residential projects,
06:02 we see that, thanks to God, we have stability in the country.
06:09 There is an increase in the number of residents and government programs to attract people
06:19 including those who are related to real estate.
06:22 These are opportunities and there is a kind of stability in the residential sector in particular.
06:28 Other sectors have some stagnation and some performance differences.
06:39 For example, I talked about commercial buildings and offices.
06:44 There is a change in rents, but some buildings have a high rate of operation,
06:49 and some malls have a high rate of operation and high revenues.
06:52 Some of them have worse management and performance.
07:00 These factors generally affect the sector.
07:05 But as an investor, he should focus on the sectors that provide opportunities and can be benefited from.