The Middle East’s largest developer by market value, Ezdan Real Estate has invited its shareholders to vote on a plan to turn the Doha-based firm into a holding company.
According to the proposed plan, Ezdan’s purpose will be changed so it can exert “financial and managerial control” over majority-owned entities, as well as invest in shares, bonds and property.
It would also be able to participate in setting up special purpose entities and companies inside and outside of Qatar. Ezdan’s $14.9bn market capitalisation is close to three times larger than any other property company in the Middle East or Africa, according to data by Bloomberg.
The developer reported a 91% surge in its first-half net income to $54.4m. Total assets around $8.8bn, which largely comprised investment property to the tune of $8.56bn.
Ezdan plans to become a holding company so as to exert greater control over its entities.