Dubai’s Deyaar plans two new Business Bay towers

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DEYAAR WATCH: Deyaar said in June it is returning the management of another residential project, Skycourts.(ITP Images)

DEYAAR WATCH: Deyaar said in June it is returning the management of another residential project, Skycourts.(ITP Images)

Dubai property firm Deyaar Development is planning to build two new towers in the emirate’s Business Bay district, its CEO said in an interview.

Speaking to Bloomberg, Saeed Al Qatami said that the buildings will have 65,000 square metres of space, including apartments and retail outlets, with sales likely to start this year.

The company, which is controlled by Dubai Islamic Bank, also recently sold one of its buildings in Business Bay for AED141m ($38m), Al Qatami said.

Al Qatami said that Deyaar will fund the new towers from that sale, alongside advance sales and bank loans. The firm is working Dubai Islamic Bank to secure a bridge loan, he said.

Deyaar, the second largest property firm on the Dubai Financial Market, posted a 47 percent increase in net profit in its most recent financial quarter.

Net profit during Q2 rose to AED27.3m from AED18.6m in the prior-year period.

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