By Rob Corder
Dubai Properties CEO rules out IPO in near future and focuses on building project book.
Dubai Properties is looking to expand its project portfolio to 500 billion dirhams ($136.2 billion), according to its chief executive Mohamed Binbrek.
The developer, which is building schemes including the 1.7 km (1.1 mile)-long Jumeirah Beach Residence and Business Bay districts in Dubai, currently has a project base of about 350 billion dirhams.
On Wednesday, the company unveiled an $11 billion mixed-used development to be built in Dubailand, a colossal entertainment and leisure complex being constructed on the outskirts of Dubai. The project will create housing for 50,000 people.
Dubai Properties says it does not currently need to raise money through a public listing."Dubai Properties will not go for an IPO at this stage," said Mr. Binbrek in a statement.
"We might consider it in the future. The company's next target is to expand its total project base to 500 billion dirhams from its current 350 billion dirhams portfolio."