Tuesday, December 26, 2006

The 2007 budget passed by Emirates Real Estate Corporation Board (EREC)

The Board of Directors of EREC conducted a meeting, chaired by Dr. Mohammad Khalfan Bin Kharbash, the Minister of State for Industry and Finance affairs, for discussion and passing of the corporation’s 2007 budget. According to the General Manager of EREC, the revenue of the corporation is believed to reach Dh58.2 million during 2007, as against Dh.27 million in 2006. The net profits are estimated to be doubled to Dh48.2 million during 2007 as against Dh.22.3 currently.

It has been projected that operation revenues are likely to reach Dh.84.5 million while the operating expenditure is likely to reach Dh.25.2 million.

The Board is also reported to have approved the budget for the project of construction of the premises of Ministry of Youth, Culture and Community Development in Dubai.

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