Font Size

- Aa +

Sun 1 Apr 2012 06:54 PM

Font Size

- Aa +

Dubai's Deyaar confirms Saudi, Turkey targets

Dubai's second largest developer eyes investment opportunities outside of the UAE

Dubai's Deyaar confirms Saudi, Turkey targets

Deyaar Development, a Dubai-based real estate developer, confirmed on Sunday it was looking for investment opportunities in Saudi Arabia and Turkey.

The company said in a statement to Dubai’s bourse that it was targeting markets outside the UAE following a slump in property prices in Dubai.

It gave no further details as to the type of investments it was looking at in either market.

Deyaar, Dubai's second largest developer by market value, said in February that it swung to a small profit in 2011.

Deyaar made a net profit of AED37.7mn ($10.3 million) last year, compared to a net loss of AED2.87bn in 2010.

The company also posted improved fourth-quarter results, according to Reuters calculations, but remained in a loss.