Dubai developer Deyaar Q2 up 184%

GLOBAL AMBITIONS: Deyaar has said it wants to participate in projects in India, Egypt and Kazakhstan. (ITP Images)

Deyaar, Dubai's third largest property developer, said second-quarter net profit surged 183.8 percent on the sale of key projects and international expansion.

Dubai Islamic Bank's affiliate posted a profit of 246.9 million dirhams ($67.22 million) in the three months to June 30, compared with 87 million dirhams a year earlier, it said in a statement on Sunday.

"Deyaar continued to add shareholder value through the rapid sale of key projects across the various master developments, tightly managing its construction activities and further expanding its international footprint," the company's chairman Nasser Al-Shaikh said.

Deyaar's second-quarter revenues soared 235 percent to 823 million dirhams year-on-year and total assets jumped 108 percent to 9.8 billion dirhams, the company said.

"Deyaar is on track to deliver the majority of its projects currently under development by 2010," Al-Shaikh said. "Our strategy is to extend Deyaar's geographic diversification beyond Lebanon and Turkey to cover other markets including Saudi Arabia, Qatar, Kazakhstan, Egypt, Jordan and India."

Deyaar, which raised 3.18 billion dirhams in an initial public offering last year, operates according to Islamic law, or sharia, which bans borrowing or lending on interest.

Shares of Deyaar closed unchanged at 1.99 dirhams on Sunday and are down more than 30 percent so far this year, underperforming Dubai's stock exchange which is has fallen nearly 12 percent. (Reuters)

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