Burooj to triple capital, plans 2010 IPO
by This email address is being protected from spam bots, you need Javascript enabled to view it on Tuesday, 13 May 2008
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 18 billion dirhams ($4.9 billion) in development, expects to boost that figure to about 50 billion dirhams by 2013.
"We are increasing the company's capital prior to the IPO to 1.5 billion dirhams by next year and plan to have the company ready for public offering in 2010," he told newswire Reuters on the sidelines of Cityscape Abu Dhabi.
"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 500 million dirhams. 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-square metre 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.
READERS' COMMENTS
MORE FROM ARABIANBUSINESS.COM
TOP IN MIDDLE EAST REAL ESTATE
TOP MIDDLE EAST BUSINESS STORIES
ALSO IN MIDDLE EAST REAL ESTATE
LATEST MIDDLE EAST BUSINESS NEWS
- Energy: Shell delays Qatargas4 project by a year
- Construction & Industry: Abyaar and Lacroix to build Dubai residential tower
- Travel & Hospitality: Gulf Air unveils strategy to save $2.65bn over five years
- Travel & Hospitality: Accor opening two new ibis hotels in region
- Banking & Finance: Abraaj Capital issue is fully subscribed
SHARE PRICE CHECK
RELATED STORIES
Abu Dhabi Islamic Bank - UAE
- Saudi Saad's sukuk investors mull setting up committee
14 Jul '09 | News - Bank Islam plans to raise $149.5m via share sale
11 Apr '09 | News - The loan danger
9 Apr '09 | Features
Burooj Properties LLC
- Abu Dhabi's genuine property demand will fuel construction
14 Mar '09 | News - Sharjah joins the property development race
30 Dec '07 | News




