Dubai’s Deyaar plans two new Business Bay towers

  • Share via facebook
  • Tweet this
  • Bookmark and Share
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.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Tenants become investors as Abu Dhabi engineers property rebound

Tenants become investors as Abu Dhabi engineers property rebound

Abu Dhabi's real estate market has paled next to Dubai, its more...

Time to invest?

Time to invest?

Foreign investors are seeing Qatar as an ideal place to purchase...

1
Heading for a correction?

Heading for a correction?

Property prices may have held relatively steady in Lebanon during...

1
Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams