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Fri 27 Jun 2014 09:47 AM

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Deyaar sells US land plot, to reinvest in Dubai projects

Dubai developer announces sale of near-6 acre plot of land in Houston, Texas

Deyaar sells US land plot, to reinvest in Dubai projects

Deyaar Development, the second-largest development company listed with the Dubai Financial Market, has announced the sale of a 5.98 acre plot of land in Houston, Texas.

The developer did not disclose the value of the deal but added that it will reinvest the funds into expanding its project portfolio in Dubai.

Saeed Al Qatami, CEO, Deyaar Development, said: “The sale is in line with our overall strategy to direct our investments into developments particularly in Dubai and the GCC at large.

"Given the resurgence that the real estate market is witnessing, Deyaar will continue to evaluate opportunities in new markets that have the potential to add value to our existing investment portfolio.”

In April, Deyaar said its first-quarter net profit more than doubled, buoyed by an upswing in the emirate's real estate market.

Deyaar made a quarterly consolidated net profit of AED52.1 million ($14.2 million) compared to AED19.4 million in the corresponding period in 2013.

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