Oqyana looks to sell 'The World' property

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.

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 | Email | Discuss this article |

USER COMMENTS (0 COMMENTS)

POST A COMMENT

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Email *	(Your email address will not be published)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 *
Please click post only once - your comment will not be published immediately.