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Deyaar builds on property plans
Dubai-based property developer looking to 'revive' projects
June 11, 2013 2:18 by kippreport
Deyaar, touted as Dubai’s second-largest property developer, plans to launch two new projects this year, its chief executive said earlier this week. This adds to a recent series of project announcements in the emirate.
One of Deyaar’s new projects, a residential development in the Business Bay area of Dubai, will be worth approximately AED500 million, Saeed Al Qatami said at the opening of the company’s new office in the area.
He said the second project was still being finalised, and gave no details of it, according to Reuters.
Deyaar was one of several developers hit by Dubai’s real estate market crisis, which saw prices drop by more than 50 percent over several years from their peak in 2008. The market began recovering last year.
“A number of our projects were put on hold after the crisis. But we still have the good land bank and are looking to revive projects,” Al Qatami says.
He added that Deyaar, in which Dubai Islamic Bank holds a 41 percent stake, was not encountering problems in securing finance for new projects and had no plans to issue bonds to raise money.
Dubai’s largest developer, Emaar, has announced several big projects over the past few weeks, the most recent being plans for a huge residential and commercial development near the city’s downtown area in partnership with Meraas Holding.