Deyaar to launch two new projects this year
Dubai, June 10, 2013
Dubai's second-largest property developer, Deyaar, plans to launch two new projects this year, its chief executive said on Monday, adding to a series of project announcements in the emirate as it recovers from a property market crash.
One of Deyaar's new projects, a residential development in the Business Bay area of Dubai, will be worth about Dh500 million ($136 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.
Deyaar was one of several developers hit by Dubai's real estate market crisis, which saw prices drop by over 50 per cent 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 said.
He added that Deyaar, in which Dubai Islamic Bank holds a 41 per cent 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 last 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.-Reuters
More Construction & Real Estate Stories
- Emaar rules out plans for new tall tower
- Barwa net profit surges 27.3pc
- RAK Properties adds new villas to Flamingo project
- Saudi launches housing scheme to ease shortage
- R&M wins Oman residential project contract
- Asian skyscraper prices tower over rest of the world
- Tamleek opens new office in Dubai
- $29m allocated for Bahrain drainage projects
- Indian group plans $300m Bahrain Bay investment
- Drake and Scull awards key supply contract
- FCC wins $702m Doha metro line contract
- SPF Realty sees Dubai project success
- Abu Dhabi set for big property show
- Aldar working on $1.5bn UAE housing projects
- Gulf Finance House to start $3bn Tunisia project
- Abu Dhabi to see 10pc surge in new homes
- Saudi construction sector booming on new contracts
- Emaar offers 330 apartments in MBR City
- Dubai Design District sees big demand
- HUGE DEAL: Arabtec inks $40bn Egypt housing project
- Galfar ex-CEO gets 15 years' jail over bribes
- $32m BFH car park work underway
- Bahrain awards $5.8m project tenders
- Spinneys to set up distribution centre at Kizad
- Dubai unveils $300m hitech 'green' city project
- Deyaar plans $245m Dubai complex
- IFA unveils $272m Dubai mixed-use project
- CBRE tops Fortune’s most admired firms list
- Kuwait's real estate sales hit $1.1bn in Jan
- Dubai RTA awards $27m roads contract