Burooj Properties, a subsidiary of Abu Dhabi Islamic Bank, plans to triple its capital base ahead of a proposed initial public offering (IPO) in 2010, aimed at financing its growing portfolio.

Managing Director Adel al Zarouni said on Tuesday that Burooj, which has projects worth Dh18 billion ($4.9 billion) in development, expects to boost that figure to about Dh50 billion by 2013.

"We are increasing the company's capital prior to the IPO to Dh1.5 billion by next year and plan to have the company ready for public offering in 2010," he told Reuters on the sidelines of a property exhibition.

"The pre-IPO capital will be through our mother company, Abu Dhabi Islamic Bank," he said, declining to give more details about the public offering.

Burooj, set up in 2005, has a paid-up capital of Dh500 million. The company has developed two hotels in Dubai and plans to launch new projects elsewhere in the UAE later this year, al Zarouni said.

"We are expanding internationally with our first project in
Cairo, that will be launched before end of this year. It is a residential, 800,000 sq m project," he said, declining to specify the investment outlay.

"We are also looking at developing real estate projects in Syria, Algeria and some other Middle East (and) North Africa countries in the coming years," he said, without elaborating.-Reuters