Deyaar developing $545mn of projects outside UAE

by Reuters Wednesday, 05 September 2007

Dubai-based Deyaar, whose shares have as much as doubled on their listing debut on Wednesday, said it was developing real estate projects worth 2 billion dirhams ($544.5 million) outside of the UAE.

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Deyaar, an affiliate of Dubai Islamic Ban, is building projects in Kazakhstan, Turkey and Lebanon, Deyaar chief executive Zach Shahin told Reuters in an interview.
Shahin said earlier the company planned to develop 100 buildings in the UAE at a cost of 25 billion dirhams.

"The UAE will be our flagship but we are bullish about the international markets," Shahin said.

Among the company's global developments are a $5 billion township project in India with Ansal Properties & Infrastructure, Shahin said.

Shares of Deyaar were trading at 1.96 dirhams at 0738 GMT, having risen to as high as 2.02 dirhams earlier. The firm sold shares at 1.02 dirhams each in its initial public offering (IPO).



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