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Dubai: Deyaar Real Estate said yesterday it was working on $7 billion worth of projects from Lebanon to Kazakhstan with cash from its share sale.
Deyaar, an affiliate of Dubai Islamic Bank, raised Dh3.18 billion ($865.8 million) in an initial public offering of shares this year. The stock doubled in price when it started trading on the Dubai Financial Market yesterday.
The company could raise more cash through Islamic bonds and loans, Deyaar chief executive Zach Shahin said. Much of the initial financing will come from the IPO and by selling property off the plan.
Deyaar is working on 100 buildings in the UAE, that will cost Dh25 billion, Shahin said.
Like rival Emaar Properties, the largest Arab real estate company by market value, Deyaar is pushing out of its crowded home market.
Value
Deyaar has Dh2 billion worth of projects in the pipeline outside the UAE and is negotiating a further Dh6 billion worth in Abu Dhabi.
"The UAE will be our flagship, but we are bullish about the international markets," Shahin said.
Deyaar is developing projects in Turkey, Lebanon and Kazakhstan, where it is working on a $70 million twin-tower complex in the capital, Astana, Shahin said.
It is negotiating a deal $5 billion township in India with Ansal Properties & Infrastructure Ltd. "The land and deal have still not materialised," Shahin said.
Deyaar will also develop residential and commercial projects in Saudi Arabia with a partner, Shahin said.
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