Deyaar to launch IPO

Deyaar, a subsidiary of Dubai Islamic Bank, has announced plans for an Initial Public Offering (IPO) during the first half of 2007. A statement, reported by a local newspaper said that this step, in addition to escalating Deyaar’s growth in key business areas, will present investors with the chance to take part in their impressive growth.

The company’s net profits rose from US$20.4 and US$38m in 2004 and 2005 respectively, to US$112m in 2006. Shuaa Capital was allocated the task of lead manager, financial advisor, and book runner whereas Millennium Finance Corporation got the role of co-lead manager for the IPO.

Deyaar, which started operations in 2003, has what exceeds 17 residential and commercial developments throughout the UAE, Lebanon and Turkey.

In the pipeline are plans for projects in Kazakhstan and India. The company also handles the portfolio of third-party properties with over 16,000 units in the UAE. Additionally, it provides professional brokerage services to its customers.

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