Deyaar to invest in two new towers in Dubai's Business Bay District
Deyaar Development, the Dubai based property company, had laid out plans to build two new towers in the Business Bay district of the emirate. This was confirmed by Deyaar's CEO through an interview.
In an interview with Bloomberg, Deyaar Development CEO Saeed Al Qatami related that the buildings to be built would have 65,000 square meters of space. This space would be broken down into apartments and retail outlets. It is projected that sales of the property units would commence this year.
Deyaar's majority shareholder is Dubai Islamic Bank and the property firm had already sold one of its properties located in the Business Bay district for AED141 million or USD38 million, according to Al Qatami. He added that Deyaar would fund the new towers from the proceeds of the sale, together with advanced sales of the units and credit facilities with banks. It is now in the process of securing a bridge loan from the Dubai Islamic Bank,
Deyaar is considered as the second largest property firm listed in the Dubai Financial Market. It had posted a 47% increase in net profit in its most recent financial quarter. The company's net profit in the second quarter of 2013 increased from AED18.6 million to AED27.3 million.