ArabianBusiness.com - Middle East Business News
Wednesday, 08 October 2008 | 09:23 UAE time

YOUR DIRECTORY /

Print this page Print this page | Email this to a friend Email this to a friend | Discuss this article (0 Comments) |

Oqyana looks to sell 'The World' property

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 15 June 2008
LAND SALE: Oqyana hopes to sell land it owns on The World project by the end of 2008, Abdul-Rahim has said. (Supplied)

Kuwaiti real estate firm Oqyana, an affiliate of Islamic company Investment Dar, hopes to reach deals to sell property in a major Dubai project by year-end after receiving offers from "many" investors.

Oqyana, in which Investment Dar owns 20 percent, has been developing land it owns in Dubai's The World, a collection of man-made islands the emirate is developing off its cost in the shape of a map of the world.

"Oqyana has been approached by many investors who are regional and international developers with offers... We hope to reach sale deals during the last quarter of 2008," Oqyana Managing Director Nabil Abdul-Rahim told newswire Reuters in written replies to questions.

Story continues below
advertisement

Abdul-Rahim declined to give a value for the deals, saying only: "Oqyana anticipates its profits to go over 150 percent," adding that it would sell the property directly to end-users to boost margins.

Investment Dar declined to comment on the value of the deals but said last year Oqyana could earn as much as $2.5 billion from the sale of Dubai property. (Reuters)

Print Print | Email Email | Discuss this article |



USER COMMENTS (0 COMMENTS)

CLICK HERE TO POST A COMMENT

Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code * Code


Please click post only once - your comment will not be published immediately.

more ยป MIDDLE EAST MARKETS DATA

TID.KSE

Last Price:

0.65

-0.02-2.99%

7 Oct 2008 09:29 GMT
(Market Closed)

CURRENCY CONVERTOR

RELATED LINKS

  1. The Investment Dar Co.»

 EMAIL ALERTS

  1. Ogyana, Kuwait

  2. The Investment Dar Co.

  3. Real Estate



BUSINESS FEATURES

Developer's discretion

As the building industry booms, selecting the right developer or consultant is less about cash.

Celebrity builders

Celebrity-endorsed buildings are all the rage with showbiz and sporting icons lending their names to developments.

ArabianBusiness.com/Jobs - Middle East Jobs Search
  1. Senior Director, Development and Projects
    Industry: Property
    Location: Pakistan
  2. Senior Property Manager
    Industry: Property
    Location: Dubai, UAE
Browse all jobs »

BUSINESS INTERVIEWS

Holding back the tide

Nakheel's CEO faces his toughest challenge yet in protecting the firm from cooling global real estate demand.

Solid ground

Al Shafar General Contracting CEO Bishoy Azmy reveals his aggressive expansion plans.

Deyaar rebuilds

Deyaar chairman Nasser Al-Sheikh on how he is rebuilding the company's reputation after the arrest of its former CEO on corruption charges.

MORE FROM ARABIANBUSINESS.COM