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Abyaar in talks to sell part of UAE project

Kuwait, November 30, 2008

Kuwait's Abyaar Real Estate Development Company said on Sunday it was discussing selling a property project in the UAE with an unidentified investor.

Al-Qabas newspaper said in an unsourced report a large UAE investor had made Abyaar an offer to buy a significant stake in the project.

Abyaar said in a statement on the bourse website the talks about a project in the Dubai Creek, which it runs with other partners, have reached their final stage, but did not give further details or identify the investor.

Abyaar said in October it planned to launch real estate projects worth Dh4 billion ($1.09 billion) in the UAE.-Reuters




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