Dubai’s second-largest property developer, Deyaar, plans to launch two new projects this year, its chief executive said on Monday, adding to a series of project announcements in the emirate as it recovers from a property market crash.
One of Deyaar’s new projects, a residential development in the Business Bay area of Dubai, will be worth about Dhs500 million ($136 million), Saeed Al Qatami said at the opening of the company’s new office in the area.
He said the second project was still being finalised, and gave no details of it.
Deyaar was one of several developers hit by Dubai’s real estate market crisis, which saw prices drop by over 50 per cent over several years from their peak in 2008. The market began recovering last year.
“A number of our projects were put on hold after the crisis. But we still have the good land bank and are looking to revive projects,” Al Qatami said.
He added that Deyaar, in which Dubai Islamic Bank holds a 41 per cent stake, was not encountering problems in securing finance for new projects and had no plans to issue bonds to raise money.
Dubai’s largest developer, Emaar, has announced several big projects over the last few weeks, the most recent being plans for a huge residential and commercial development near the city’s downtown area in partnership with Meraas Holding.