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Tue 20 Mar 2012 10:15 AM

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Dubai’s Deyaar eyes expansion outside UAE

Saudi Arabia and Turkey are target markets, chairman cited as saying

Dubai’s Deyaar eyes expansion outside UAE
Dubais second largest developer by market value swung to a small profit in 2011.

Deyaar Development is looking for
investment opportunities outside the UAE, in markets such as Saudi Arabia and
Turkey, Al-Khaleej newspaper reported, citing Chairman Abdulla Al Hamli.

The Dubai-based developer is
focusing on low- and middle- income residential projects, the newspaper cited
Al Hamli as saying at the company’s annual meeting this week.

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

Deyaar made a net profit of
AED37.7m (US$10.3m) 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.

The developer's results for both
periods in 2010 were hit by large writedowns.

CEO Saeed Al Qatami
attributed the full-year profit to the company's "strong core operations
despite challenging market conditions."

"The company will continue
with its focus on completing the projects in the pipeline, growing the existing
sources of sustainable income and exploring new business opportunities,"
Al Qatami said.

* With agencies

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